Hey fellow traders, the next chart is the dollar index, and to support my belief why gold should be on a short right now. Most commodities are traded using the US Dollar, which would also affect any currencies that are backed by the US dollar. E.g. gbpUSD, nzdUSD. With that being said, what does this mean? It means if the $DXY is going up, we can see commodities and currencies going down. If the $DXY is going down, we will see commodities and currencies going up. They are just inversely related. Easy to understand yeah?
At the current time of this posting, price has come into a 1hr supply pro-level zone. What is a pro-level you might ask? A pro level is a level that can only be put in by the BIG BOYS that controls price and pushes price in the intended direction before price came back to test this level.
MY OPINION is that since we are not seeing any higher TF supply zones and only 1hr supply zone structures are available. I think we could see prices on the $DXY going up higher. Being supported below are nice levels of demand looking to hold price and push price much higher till we find a TRUE area of supply. MY ANALYSIS could be wrong. I hope all of these made sense to you guys! 😂😂
Trade with care and always with a stop loss!
Thank you
Icecoldbear
At the current time of this posting, price has come into a 1hr supply pro-level zone. What is a pro-level you might ask? A pro level is a level that can only be put in by the BIG BOYS that controls price and pushes price in the intended direction before price came back to test this level.
MY OPINION is that since we are not seeing any higher TF supply zones and only 1hr supply zone structures are available. I think we could see prices on the $DXY going up higher. Being supported below are nice levels of demand looking to hold price and push price much higher till we find a TRUE area of supply. MY ANALYSIS could be wrong. I hope all of these made sense to you guys! 😂😂
Trade with care and always with a stop loss!
Thank you
Icecoldbear