Gold as potential hedge against US depreciation and bear marke

Currently considering IAU as a hedge against potential downturns in the $ and/or in US markets. The trade isn't strictly technical, though we could say the price looks slightly over extended at the moment, so I'd wait until support is hit and an uptrend emerges again. Trade thesis comes from the increasingly likely possibility of an asset bubble deflation with insuing stagflation following a rate hike. Dollar depreciation would create a vicious cycle where foregneirs are unwilling to buy US debt given exchange rate risk, causing the bond market to collapse. Technical analysis is only marginally affecting decisions related to this trade.
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