Golden cross on gold, death cross on DXY
Last week was substantial for both gold and the DXY. Gold was able to close above it's 100EMA, and above the key psychological level of 1220, and DXY closed below the key psychological level of 100, and it's 100 EMA. This will prove to be bullish for gold, and bearish for the DXY.
Looking at the 5 and 100EMA for both gold and DXY, we can see that gold's 5 is looking to cross through above the 100EMA (golden cross), and DXY's 100 is crossing through above it's 5EMA (death cross).
If these EMA trading patterns hold true, we should see a continued bull run for gold, and a continued bear run for DXY.
5EMA - Orange
50EMA - Green
100EMA - Red
Looking at the 5 and 100EMA for both gold and DXY, we can see that gold's 5 is looking to cross through above the 100EMA (golden cross), and DXY's 100 is crossing through above it's 5EMA (death cross).
If these EMA trading patterns hold true, we should see a continued bull run for gold, and a continued bear run for DXY.
5EMA - Orange
50EMA - Green
100EMA - Red
Comment:
Looks like we're getting the golden cross on gold, however the death cross on DXY was rejected, so I will be watching the DXY closely, and will be making a new idea at the end of the day.
