The Dollar Index (DXY) is usually the opposite of Gold (XAUUSD). This means that if DXY goes up, Gold comes tumbling down. At the moment, there is an upward trend for the DXY, but there are two things to expect:
1. It will hit the resistance at 92.78 region and may fall back.
2. We will see another breakout as the support and the resistance are closing in. If you aren't too sure, it would be a good idea to either avoid trading in Gold or set a pending order with the appropriate values for either sell or buy. Depending on which one is triggered, you can close the other.
For now, Go Short on Gold or Hold Your horses!
1. It will hit the resistance at 92.78 region and may fall back.
2. We will see another breakout as the support and the resistance are closing in. If you aren't too sure, it would be a good idea to either avoid trading in Gold or set a pending order with the appropriate values for either sell or buy. Depending on which one is triggered, you can close the other.
For now, Go Short on Gold or Hold Your horses!