DXY's Effects on Gold
So it looks like we got a golden-cross on XAUUSD over the past few days, however the DXY did not give us the death-cross it was headed towards.
XAUUSD is looking to bull, however today's strength in the DXY halted it's run through 1240. I will be paying close attention to the DXY / XAUUSD relationship over the next few days to see if XAUUSD can continue it's strength, even with DXY bouncing a bit (MACD crossed, RSI pointing up).
This XAUUSD run still looks very promising, however I'm not a stubborn investor. I do not set a TP as things change so often that you must reevaluate the situation routinely, and the TP you set a month back may no longer reflect the current atmosphere of what you're trading. So although I am still holding all of my longs, and believe in XAUUSD long-term, I will not sit through a correction.
Furthermore, do not confuse weakness in the JPY and EUR as strength in the USD. Given the current state of the EUR and JPY, the DXY would be at 110 range if the USD was actually strong.
XAUUSD is looking to bull, however today's strength in the DXY halted it's run through 1240. I will be paying close attention to the DXY / XAUUSD relationship over the next few days to see if XAUUSD can continue it's strength, even with DXY bouncing a bit (MACD crossed, RSI pointing up).
This XAUUSD run still looks very promising, however I'm not a stubborn investor. I do not set a TP as things change so often that you must reevaluate the situation routinely, and the TP you set a month back may no longer reflect the current atmosphere of what you're trading. So although I am still holding all of my longs, and believe in XAUUSD long-term, I will not sit through a correction.
Furthermore, do not confuse weakness in the JPY and EUR as strength in the USD. Given the current state of the EUR and JPY, the DXY would be at 110 range if the USD was actually strong.
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