Gold has been in a raging bull market since 2023 with the index making new higher highs and higher lows as shown in the weekly candle stick chart. In contrast the Dollar index 
DXY is making new lows every single day shown in dark blue line chart. In this blog space we have been continuously talking about the weakness in the Dollar and the major support and resistance levels in DXY for more than 3 months. As the DXY is below the psychological level of 100 and most probably heading lower where 95 is the key support level, I think the time for commodities like Gold has arrived. SPY Gold Spot ETF 
GLD has made an ATH of 302 which is above the key psychological level of 300.
In my opinionGLD is not done going up. If we plot the Fib retracement levels for the previous bear market ending in 2022, we see that GLD can effectively reach 325 level which is the 4.236 fib level. This will indicate another 7% upside, a similar amount of potential downside in the $DXY.
Verdict: LongGLD, Short DXY until trend reversal.
DXY is making new lows every single day shown in dark blue line chart. In this blog space we have been continuously talking about the weakness in the Dollar and the major support and resistance levels in DXY for more than 3 months. As the DXY is below the psychological level of 100 and most probably heading lower where 95 is the key support level, I think the time for commodities like Gold has arrived. SPY Gold Spot ETF GLD has made an ATH of 302 which is above the key psychological level of 300. In my opinion
GLD is not done going up. If we plot the Fib retracement levels for the previous bear market ending in 2022, we see that GLD can effectively reach 325 level which is the 4.236 fib level. This will indicate another 7% upside, a similar amount of potential downside in the $DXY. Verdict: Long
GLD, Short DXY until trend reversal.
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