Very nice consolidation on XAUUSD, price remains between 0.5 and 0.6 fibo.
From my observations, XAUUSD moves in opposite direction as DXY.
Price of DXY will go down after December's rates hike and by the same XAUUSD will move up from consolidation point.
Rate hike odds: cmegroup.com/trading/interest-rates/countdown-to-fomc.html
Until that time DXY will oscillate around 94-95 points and XAUUSD 1260-1280$.
Please check my plots on DXY to understand future behaviour of XAUUSD:
Short-term
Long-term
From my observations, XAUUSD moves in opposite direction as DXY.
Price of DXY will go down after December's rates hike and by the same XAUUSD will move up from consolidation point.
Rate hike odds: cmegroup.com/trading/interest-rates/countdown-to-fomc.html
Until that time DXY will oscillate around 94-95 points and XAUUSD 1260-1280$.
Please check my plots on DXY to understand future behaviour of XAUUSD:
Short-term
Long-term
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Everything is going on as expected, XAUUSD up and DXY down.Trade active
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.