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 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.