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Usdxanalysis

My Bias has changed in less than 18 hours for Long-Gold. Please. So towards the end of NY session yesterday Thursday, I was a little bearish on Gold. Why? 1/ The USDX where Gold gets a lot of its' cues from had formed bullish Head 'n' Shoulders Patterns on timeframes 5m right up to 30m. You better believe it. Technicals work on the USDX as well. But the bears have been nullified. The USDX is travelling down a bearish wedge. Sure, it can jump out at any time like a thief-in-the-night. What would prompt this? Well bullish Economic Data due out soon that is supportive of the USD. 2/ Please take a look at my chart. You will see that for the most part that Gold in this 4hr chart is sailing upwards smoothly in a rising wedge. Things can change there as well, if the economic data is bad. 3/ The Economic Data for Thursday was supportive of the Gold price I thought, so I am thinking it might be good again for gold. Take a look at the chart. I highlight which economic data to be across and how it could affect the Gold-price. Regards, Chris
EIGHTCAP:XAUUSD
by Easy_Explosive_Trading
7
The Hidden-Threat(s) To Gold-Trading During Friday! So the economic-data seemed good today for the Gold-price. Initially, at commencement of NY session today (Thursday) the USDX came rallying off its 38.2% retracement. But it quickly quietened down & retreated even further and Gold was able to lift somewhat. There are Heads 'N' Shoulders patterns that have formed on the USDX charts from 5m right up to 30m. See the charts & USDX on the left of screen. A rally to the neckline, a retrace and it could really move hard and fast during Friday. What I also see is hidden divergence on the 15m and 240m Stochastic charts for Gold XAUUSD. This is probably not the main concern, it would be the USDX setting up for a rally very soon. Lets see how it plays out.
EIGHTCAP:XAUUSD
by Easy_Explosive_Trading
1
Precious Metals / Gold holding up in Oceania & Asia - Thursday At the New York session yesterday Wednesday, Gold got sketchy as the price quickly sold-off below the critical 2500 level but it soon got support as a further sell-down in the Gold price was not warranted. The Gold-price bottomed at 2494.03. As it recovered quickly with bulls stepping in the price got back above the 2500 zone. I advised here of bullish W/bottoms emerging on the lower-timeframes & I could see that as these W/bottoms were forming & getting written that there was plenty of support in the price above the 2500 level. We bought in and had a good ride to 2016 where I advised to take some profit off-the-table. The USDX US$ index turned around mid-afternoon yesterday (Wednesday) in the New York session. Right now some 5 hours later just after the Thursday Asian session we are still seeing a turnaround in the USDX due to some oversold condition of it due to its selling off this week on weakness. I am monitoring it to see if and when it does turnaround again. The 4HR & Daily Stochastic seems to be coming into some support of its oversold condition but this weakness can reemerge at anytime. I will keep watching because of its impact on the Gold price. The Vix-Index was a tad elevated during Wednesday trading but it has since come-off somewhat during Asian trading this Thursday which is probably good for the Gold price but that can vary somewhat depending on how much the VIX increases. During a huge rise in the VIX like we saw a couple of weeks ago the Gold price sold off very savagely. I like these bullish patterns on Gold at the moment. I think if the USDX sells off again during Thursday then this pattern emerging on the lower and mid timeframes looks supportive for Gold.
EIGHTCAP:XAUUSD
by Easy_Explosive_Trading
3
Quick look at Oil, Gold & Dollar IndexI'm closely monitoring the oil market, adopting a cautious stance as I await a compelling catalyst to drive oil prices upward. A potential factor on my radar is the increasing involvement of the UK and the US in the tensions between Israel and Palestine. If this geopolitical situation intensifies and draws in Iran to support Palestine, it could contribute to a surge in oil prices. Shifting the focus to gold, my outlook is optimistic for a bullish trend in 2024. Historically, gold tends to perform well in the first quarter of the year, and I anticipate a positive trajectory for the precious metal. On the currency front, my analysis suggests a bearish trajectory for the US dollar index throughout 2024, potentially reaching 0.96 by the year-end. This projection reflects a cautious stance on the strength of the US dollar in the coming months.
EIGHTCAP:USDX
by ManilaFXTrading
USDX WEEKLY UPDATEHello all I still believe that the USD has room to go upward. I won't start holding long positions in the xxxusd until the nfp or the cpi in the following month, with the exception of usdjpy. usdcad more likely neutral, eurusd and gbpusd sideway bias short. others not under my watch **I have no intention of using my trading approach as a signal. I'm practicing my trading strategies, learning about market dynamics, and figuring out the best way to enter the market in the right direction.
VANTAGE:USDXShort
by mytw0cents
USDX UPATEhi all My understanding is that the usdx has already been price in. The FOMC meets eight times a year and issues projections in march, june, september, and december. FED announces two rate hikes in June. 1st increases the rate in July to 5.50. Since the impact from oil barely began in September, I don't think the FOMC will raise interest rates this week to 5.75. Therefore, the FOMC will raise rates for the 2nd time in September, to 25 basis points, once the CPI data in September reveals just how severe the harm is. I expect the USDX strengthening at that time. **My trading strategy is not intended to be a signal. It's a process of learning about market structure and sharpening my trading skills** Thanks a lot for your support
VANTAGE:USDXShort
by mytw0cents