📉✨ Gold's Descent: Headed for $2000 🛬👋🔻DXY Breaks Out 💥
Upon analyzing the daily chart, it has become evident that there is a rejection of the Relative Strength Index (RSI). This indicates that the bullish signal has reached its maximum potential and that the bears may take over, causing the price to decrease. If you're interested, you can read my previous analysis on gold for further insight.
DXY 1hr chart: DXY is currently breaking out to confirm that a new trend has been set in the market, and the US Dollar will begin to get strong from today. A strong US Dollar means weaker commodity prices.
https://www.tradingview.com/x/4WiJa7lU/
Gold 3 weekly chart: This chart expires tomorrow, and failure to break above the red line indicates weakening bearish pressure.
https://www.tradingview.com/x/ArE98UCu/
Our target for this swing trade is still below $2000.
DXY 1hr chart: DXY is currently breaking out to confirm that a new trend has been set in the market, and the US Dollar will begin to get strong from today. A strong US Dollar means weaker commodity prices.
https://www.tradingview.com/x/4WiJa7lU/
Gold 3 weekly chart: This chart expires tomorrow, and failure to break above the red line indicates weakening bearish pressure.
https://www.tradingview.com/x/ArE98UCu/
Our target for this swing trade is still below $2000.
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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.
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.