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Intraday Gold And Dollar Analysis: USD In Recovery Mode

Published 02/27/2014, 05:56 AM
Updated 07/09/2023, 06:31 AM

The USD is in recovery mode, but still only on the intraday basis with five waves up from 80.00 area as shown on the USD index chart below. This recovery could stay in play now which means that EUR could suffer, but after a retracement back to 80.35 on USD index which may occur in the next few sessions because we know that after every five waves correction follows.

USD Index Daily Analysis
Dollar Index Hourly Chart

The normal correlation between the USD and GOLD is negative, so when the price of metal is falling USD will most likely continue to the upside. On the 30min chart of GOLD we see five wave decline from 1345 which means that trend is changing and could resume from around 1333-1337 resistance area. Any shorts taken in that region should of-course have stops above the high, at invalidation zone.
GOLD 30min

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