XAUUSD MID-WEEK 2 ANALYSIS-24/09/2023
Updated
Market Shift on DXY Sparks Bullish Outlook for Gold
The market has undergone a noticeable shift on the lower timeframes of the US Dollar Index (DXY), which has prompted me to shift my focus towards potential buy opportunities on gold. Join me in exploring this emerging bullish outlook for gold as we navigate the evolving market conditions. Stay tuned for further insights! 📈🪙 #GoldTrading #BullishOutlook #DXYShift
The market has undergone a noticeable shift on the lower timeframes of the US Dollar Index (DXY), which has prompted me to shift my focus towards potential buy opportunities on gold. Join me in exploring this emerging bullish outlook for gold as we navigate the evolving market conditions. Stay tuned for further insights! 📈🪙 #GoldTrading #BullishOutlook #DXYShift
Note
The perfect buying time will be if price was to stay at where it is now at 1877 and then form some kind of Asian range and with the London open market drops down and take out the Asian low without taking out the 1872.50 level.Note
As of now price has stayed above the 1872.50 level so I do think a continuation long bias is the setup to be played going in next week or at least till end of this week.Note
Like predictedNote
This trade has turned out to be a smart move, and I'm pleased with its performance. My approach was to use the Dollar Index (DXY) as a predictive tool for trading decisions, particularly when it came to gold. Surprisingly, gold didn't follow the pattern of other major currency pairs in sync with DXY, likely due to its unique vulnerabilities.As it stands, it seems that gold might continue to decline if the Dollar Index starts rising again. However, we should keep a close eye on the situation and be ready to adjust our strategy as the market evolves. Staying informed and adapting to changing conditions is crucial to maintaining a successful trading approach.
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