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JoeChampion

Gold: Vulnerable Dollar Index (DXY) with Possible Upside

Long
Gold Spot / U.S. Dollar (OANDA:XAUUSD)  
JoeChampion  
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Trend Analysis Technical Indicators Beyond Technical Analysis Gold XAUUSD buy LONG Bullish Patterns Technical Analysis DXY Contains image
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trendanalysis indicator beyondta gold xauusd buy long bullish technicalanalysis dxy containsimage
Hey Traders, in today's trading session we are monitoring XAUUSD for a buying opportunity around 2370 zone, Gold is trading in an uptrend and currently is in a correction phase in which it is approaching the trend at 2370 support and resistance area.
we would also like to consider the current bearish momentum on DXY, the recent CPI data made DXY drop as CPI didn't exceed the 0.3, a weak dollar is usually good for Gold due to the negative correlation. When the dollar price drop the gold becomes more interesting to investors as it's mainly purchased in the USD.
Trade safe, Joe.
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