◽️ Last week, the price of gold struggled to keep its price against the US dollar index due the US dollar index reaches to 104 level, the highest in nearly 20 years
◽️ FED is ready to raise interest rates by 50 basis points this week, and this has led to an increase in the strength of the US dollar and keep gold in low
◽️ On the other hand, the US dollar index reached 104, the highest level in last 20 years, AND any retracement on DXY can move gold to the upside.
◽️ However, the Federal Reserve has indicated that it is preparing to another hawkish monetary policy, But dollar seems to have priced all the hawkish monetary policy and is now at its highest level and only needs a flip.
◽️ Given that the price of gold was able to maintain its support despite the strength of the dollar, now we feeling better to looking for long positions
🔻 Gold’s downtrend move seems is running out but all ayes on Fed interest rate decision and see what happens for market with that decision
🔻 Any neutral tone or dovish by the central bank could devalue the US dollar and increase the price of gold.