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β οΈ Gold Traders, Eyes Up!
This zone decides the next major move. ππ
Will bulls break through, or sellers take over?
π’ BUY or π΄ SELL?
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$SPX up 10.42% in April
first > 10% month for the index since 2020, when Covid stimulus was coursing through markets
at this late stage with inflation > 3% and oil prices grasping at $100/brl
amazing... sentiment > 'funny mentals'
the melt up scenario is in full swing
$DXY
$DXY continues to trade within a low-base accumulation pattern following its earlier markdown phase.
Today's strong bullish continuation candle shows buyers becoming more aggressive as price tests the upper boundary of this multi-month trading range.
From a psychological perspective, bulls are gaining confidence as demand continues to absorb supply near resistance.
Adding to the bullish case is the recent golden cross, which suggests improving intermediate-term momentum.
If the Dollar Index can break and close above horizontal resistance, it would signal a potential transition from accumulation to markup, increasing the probability of further upside momentum as sidelined buyers are forced back into the market.
$UUP $UDN $EURUSD $USDJPY $GBPUSD $USDCHF $USDCAD $AUDUSD $NZDUSD $FXE #EURUSD #GBPUSD #AUDUSD #USDCAD #USDCHF #NZDUSD #EURJPY #GBPJPY #AUDJPY #EURGBP #EURCHF #GBPCHF #CADJPY #CHFJPY #EURAUD
JUST IN: Someone lit the $DXY daily candles on π₯
Price has been making higher lows and higher highs.
Weekly chart is bullish and the blue line is a π§²
Why Iβm careful on $GOLD and $SILVER here?
This $DXY chart.
Iβve pointed this out a few times already, including in a post last year. Yes, for a while it did look like DXY was breaking down.. and that was also the leading thesis on X for a bit.
Now weβre back in a bullish segment.
Iβm still looking for 107β108 on DXY, which will sound unrealistic to many, even with DXY already back above 100.
So be prepared...
That doesnβt mean metals canβt bounce hard. They already did.
But buying $GOLD or $SILVER into resistance while DXY is potentially setting up higher is simply not my favorite risk/reward.
All Group 1 Asia charts has been updated at https://t.co/MjGfdCt1uf In the latest update, $DXY Dollar Index has broken above its previous peak on March 31, opening up further upside. Short term pullback likely continues to find support in 3 or 7 swing for further upside #elliottwave