Gold in the bearpit & DXY booming towards 2017 highs? [BTFD]
Updated
So as the USdollar/DXY index has been pushing towards the highs of late 2017, obviously Gold will start to drop as its in direct correlation with each other,
DXY up = Gold down and visa versa
So what a lot of traders are hoping for is a decent reversal which could bring some nice gains on Gold
We have some important levels to stay above for the DXY to remain bullish and work towards 97 and beyond, if it comes down sharply over the next week and fails to get above 94/95 it will be a fake out and a good time to get into gold longs, however if it keeps up the pressure and strength it could push towards 100 and with current climate conditions with Trump hammering some home runs for the USDollar recently
a few key levels of support shown, gold looking very bearish andf we could see 1121 next with gold prices and a few important trendlines could come into play, lets see if we can get it right :)
Gold usually comes into a bullish seasonality this time of year towards the new one, but with current DXY strength, i guess people who buy physical gold at religious festivals will have a cheaper ride :)
also if the USD is booming, then it makes sense to short EUR/USD too, maybe talks of parity once again?
this week is shaping up to be a quieter affair volume wise
never-the-less have a powerful week traders!
DXY up = Gold down and visa versa
So what a lot of traders are hoping for is a decent reversal which could bring some nice gains on Gold
We have some important levels to stay above for the DXY to remain bullish and work towards 97 and beyond, if it comes down sharply over the next week and fails to get above 94/95 it will be a fake out and a good time to get into gold longs, however if it keeps up the pressure and strength it could push towards 100 and with current climate conditions with Trump hammering some home runs for the USDollar recently
a few key levels of support shown, gold looking very bearish andf we could see 1121 next with gold prices and a few important trendlines could come into play, lets see if we can get it right :)
Gold usually comes into a bullish seasonality this time of year towards the new one, but with current DXY strength, i guess people who buy physical gold at religious festivals will have a cheaper ride :)
also if the USD is booming, then it makes sense to short EUR/USD too, maybe talks of parity once again?
this week is shaping up to be a quieter affair volume wise
never-the-less have a powerful week traders!
Note
sorry about these horrible yellow sessions area in charts, will redo this chart ASAP
Related publications
Disclaimer
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.