In February I suggest a bounce was likely coming in the US Dollar DXY (see link below). The DXY is not at the center line of the weekly channel and almost to the Fib target area I had. There is now a bearish divergence in the daily RSI. I think it is like the dollar is about to have a longer to term decline starting soon.
I have closed my shorts on gold as a fall in the dollar tends to support gold and because of the way the gold futures chart looks to me. If I am correct I hope this was helpful. Take care. Have a great weekend.
I have closed my shorts on gold as a fall in the dollar tends to support gold and because of the way the gold futures chart looks to me. If I am correct I hope this was helpful. Take care. Have a great weekend.
Note
Price more sideways than down at first then a final jump into the initial target box. I think the major trend is most likely now down.
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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.