#DXY Dollar Index impact on #XAUUSD Gold
#DXY Dollar Index 💵📉
My analysis ties directly to the movement of the dollar. The dollar found solid support at 100.20 and has since made an impressive recovery in the form of a retracement. The current levels of 102.60-103 represent a strong rejection zone, and I’m anticipating a significant rejection from this area. If the dollar faces resistance here, we could see a new low below 100, which would likely propel gold prices to new highs. 📈✨
However, if the dollar manages to break through this zone, the next key level is around 104. Should this happen, gold could experience a steep decline, potentially dropping to the 2550-2530 range.
Remember, gold and the dollar have an inverse relationship — when one rises, the other tends to fall. ⚖️ #DollarIndex #GoldPrice #ForexAnalysis #DXY #MarketForecast #GoldVsDollar #TechnicalAnalysis #TradingStrategy
My analysis ties directly to the movement of the dollar. The dollar found solid support at 100.20 and has since made an impressive recovery in the form of a retracement. The current levels of 102.60-103 represent a strong rejection zone, and I’m anticipating a significant rejection from this area. If the dollar faces resistance here, we could see a new low below 100, which would likely propel gold prices to new highs. 📈✨
However, if the dollar manages to break through this zone, the next key level is around 104. Should this happen, gold could experience a steep decline, potentially dropping to the 2550-2530 range.
Remember, gold and the dollar have an inverse relationship — when one rises, the other tends to fall. ⚖️ #DollarIndex #GoldPrice #ForexAnalysis #DXY #MarketForecast #GoldVsDollar #TechnicalAnalysis #TradingStrategy
Mr K
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