Dollar Index DXY Update The dollar is still in a medium term downtrend and currently making a small continuation pattern inside an inverted flag before falling away again. It should halt here at 93.78 and at very best as it reaches 93.99 and spikes into the upper parallel controlling this little consolidation period for the dollar. Gold becomes a buy at this point, looking to increase long positions aggressively on a break below the lower small parallel of the inverted flag. DXY should fall to 92.75 -92.62 range where will look to close out XAU longs, only going long gold again once 92.62 breaks on DXY. Look to use the dollar counter-rally as an opportunity to build gold longs, turning aggressively bullish once that lower parallel gives way.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.