Gold price drops as it hits resistance
Technical Analysis and Dollar Index
Our technical studies have shown that the recent dollar decline is likely to have ended after the dollar index bottomed out at 99.25 on Tuesday. In fact, since July, the dollar index has been trading well above 103. On July 6, the dollar hit an intraday high of 103.27 and began to plummet in value trading lower on consecutive days, resulting in the dollar's recent lows about 3% below the highs reached during the first week of July. In other words, the dollar has lost about 3% of its value when compared to the basketball currencies it is weighed against. On a technical basis, we believe the dollar index will rally in the short term as it spikes to 101, 50 before encountering any technical resistance.
XAUUSD BUY 1961 - 1959💯💯
✅ TP1: 1970
✅ TP2: 1975
🛑 SL: 1954
Our technical studies have shown that the recent dollar decline is likely to have ended after the dollar index bottomed out at 99.25 on Tuesday. In fact, since July, the dollar index has been trading well above 103. On July 6, the dollar hit an intraday high of 103.27 and began to plummet in value trading lower on consecutive days, resulting in the dollar's recent lows about 3% below the highs reached during the first week of July. In other words, the dollar has lost about 3% of its value when compared to the basketball currencies it is weighed against. On a technical basis, we believe the dollar index will rally in the short term as it spikes to 101, 50 before encountering any technical resistance.
XAUUSD BUY 1961 - 1959💯💯
✅ TP1: 1970
✅ TP2: 1975
🛑 SL: 1954
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