7-18-19 Looking at the 4 hour on the U.S. dollar/DXY and its forming an inverted head and shoulders. I drew a fib from the previous swing low to the next swing high and its currently sitting between the 50% and .618% on the retracement.
Because XAUUSD is currently hanging out at a significant level of resistance which can be found on the weekly chart in April of 2013 and the DXY showing a reversal pattern, I am anticipating a major sell for gold but its going to take for some heavy U.S. news to complete the formation of the head and shoulders on the DXY causing gold to fall.
Because XAUUSD is currently hanging out at a significant level of resistance which can be found on the weekly chart in April of 2013 and the DXY showing a reversal pattern, I am anticipating a major sell for gold but its going to take for some heavy U.S. news to complete the formation of the head and shoulders on the DXY causing gold to fall.