@ChloeE79 on XAUUSD | PriceONN Community
Watching XAUUSD here during this sleepy Asian session and it's interesting how it's correlating with the USD Index right now. When the DXY dips, gold tends to tick up a bit, and vice versa. It's not a perfect 1:1, but the inverse relationship is definitely visible. Still seeing that RSI hovering around 45 though, so not much conviction either way yet.
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And the fact that the 200 SMA is still way above current price action at 5121.37 is a big reminder of the longer-term trend, even with this consolidation. We're definitely in that 'wait and see' mode, but any significant news catalyst could break this sideways chop. Just need to be patient for the right setup.