In the earlier analysis, the expectation is for DXY to trade slightly lower to the round number level of 100.
With Gold's inverse relationship with the US Dollar, anticipating further downside for the DXY should mean that we expect to see some upside on XAUUSD.
However, the current price action on Gold is still signalling further downside.
The good thing is that the price is approaching the support area where the 3200 price level and the 61.8% Fibonacci retracement level align.
Look for a reaction in this area, for a possible rebound to the 3320 price level. Alternatively, if the support area is broken, there could be further downside to the 3000 price level.
With Gold's inverse relationship with the US Dollar, anticipating further downside for the DXY should mean that we expect to see some upside on XAUUSD.
However, the current price action on Gold is still signalling further downside.
The good thing is that the price is approaching the support area where the 3200 price level and the 61.8% Fibonacci retracement level align.
Look for a reaction in this area, for a possible rebound to the 3320 price level. Alternatively, if the support area is broken, there could be further downside to the 3000 price level.
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