Chart of the day: USD/ZAR and gold markets

The USD/ZAR exchange rate has shown a very interesting relationship with bear and bull markets in gold. When the USD strengthens relative to the South African Rand, this has gone alongside a negative price trend in gold, and vice versa. On the chart below, it looks as though USD/ZAR made a big top late 2015/early 2016 which also coincided with the bottom in gold. Going by the last decades of this relationship, one can argue that the gold bull has just started and is alive and well:

USDZAR