After a sharp drop on Wednesday, when the DXY dollar index lost more than 1%, and a further drop on Thursday, the dollar is recovering today, with its DXY index rising 17 points above the closing price from yesterday
However, this growth is not yet sustainable, given the continued decline in US Treasury yields. And yet it’s impossible to ignore the fact that the Fed’s monetary policy right now remains perhaps the toughest among the world’s biggest central banks, with most major market players preferring to stay on the sidelines of dollar buyers for now. be, characterizing its current decline as a long-overdue correction.
As for gold, it is relinquishing its role as a protective asset to the dollar, and the XAU/USD pair “broke the key and long-term support level 1690.00 last week, putting the entire trend in jeopardy long-term bullish The negative dynamics of XAU/USD prevails, and the breakdown of the local low from the day before yesterday (since May 2020) of 1614.77 will confirm our hypothesis and become a signal to increase short positions of the pair.
Support levels: 1657.00, 1614.00, 1600.00, 1560.00
Resistance levels: 1682.00, 1690.00, 1695.00, 1713.00, 1759.00, 1775.00, 1789.00
see details ->https://www.instaforex.com/ru/forex_analysis/323168/?x=PKEZZ
signs -> https://www.mql5.com/en/signals/author/edayprofit
see also “Technical Analysis and Trading Recommendations” -> https://t.me/fxrealtrading