The news is all bad for the economy, good for gold

The economic news this week is pretty much all bad, with payroll data, manufacturing data, and non-manufacturing data all showing a broad slowdown across the whole economy. The dollar is showing real weakness amidst the slowdown. Both the dollar's weakness and the return of fear to the economy should be good for gold.

Here are the critical levels to watch in the dollar. A break below the channel/trend line would signal an upward breakout for gold.

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For more in-depth analysis of the week's bad economic news, subscribe to my "Wall Street Petting Zoo" podcast on your favorite podcast app and look for the upcoming episode this Saturday.

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Amazing how fast the outlook can change. Today's huge positive surprise on the November jobs report makes little sense given the huge negative surprise on the ADP payroll report earlier this week-- is anything noisier than jobs data?-- but it's fabulous for stocks, so I bought a bunch of SOXL premarket today to ride the wave.