The overall XAUUSD trend is still on downtrend as the DXY is getting stronger. I believe FED will remain its interest rate increment for a while, until the inflation rate is under controlled. The inflation rate has surged for years, and reducing it to an optimal range takes time even though the increment force on the interest rate is strong.
In a short term, I predict the XAUUSD will goes up the DXY has a top MACD divergence as well as the bottom MACD divergence on XAUUSD.
But the overall direction won't be changed at this moment, I keep my short opinion in a long run unless FED decide to reduce its increment on the interest rate. If you zoom out the chart to around 2020, you could clearly see a "double top" pattern on XAUUSD.
XAUUSD
In a short term, I predict the XAUUSD will goes up the DXY has a top MACD divergence as well as the bottom MACD divergence on XAUUSD.
But the overall direction won't be changed at this moment, I keep my short opinion in a long run unless FED decide to reduce its increment on the interest rate. If you zoom out the chart to around 2020, you could clearly see a "double top" pattern on XAUUSD.
XAUUSD
Comment:
If feel free to comment on my idea (either you support or against my idea),I would like to hear your voice.
Trade closed manually:
The CPI number has exceeded Wall Street's expectation, and FED might reinforce the increment on the interest rate.