Spot Gold loses inverse correlation with USD
On the daily chart, Spot Gold has lost its inverse correlation with the Dollar Index (DXY). Gold has lost its correlation with the dollar before and this last can last for a few months. The historical notion that Gold will rise because the USD is falling is not a given. Gold can stay disconnected from the dollar for a few months at a time, especially if Treasury yields are on the rise, so unfortunately the fresh lows being made by the DXY are not a reason to buy Gold just right now. For now the precious metal remains capped at US1818.
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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.