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The price of Gold could move lower this week if the USD Index remains above the 101.50 support.
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Watch This Before Trading Gold
The news this week is full of high impact data which could have a significant impact on the currency markets. The USD Index, in particular, is a key market to watch as it could see some significant price action.
USD Index Weekly Chart:
The USD Index weekly chart shows the price slowing into the key lows of 101.50. This price action could suggest a move higher is forming and the price could move to 103.75.
Gold and USD Index Correlation:
It’s important to note that the price of Gold is highly correlated with the USD Index at the moment. This means that if the USD Index strengthens, it’s likely that the price of Gold will trade lower towards the previous support of $1875.00.
Gold H4 Chart:
The H4 Chart on Gold shows the price trading within a range above the current $1920.00 support. A break of this support could signal a move lower in line with the USD Index breaking higher. It’s important to keep a close eye on this key level as a break could see the price of Gold trade lower towards $1875.00.
In conclusion, traders should watch both the USD Index and Gold charts closely this week as the high impact data releases could see significant price action in both markets. The correlation between the two markets means that traders should be mindful of the price action in both markets when making trading decisions. Keep a close eye on the USD Index weekly chart and the H4 chart on Gold for key levels and potential price moves.
Have you watched our Week Ahead analysis? You can see it here.
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