@JHernandez16 on DXY | PriceONN Community
J
Thinking about the DXY's weekly close. It ended up higher than I expected after that mid-week wobble. I'm curious to see if we get a gap up on Monday, especially with the dollar showing some resilience despite that recent news about stablecoins struggling and talk about its safe-haven status potentially fading. Need to be ready for anything.
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J
Actually, thinking more about Monday, if that dollar weakness does continue because of the inflation data or whatever else is brewing, it might not be a bad thing for my gold positions. I'm still holding that long from Friday and hoping it doesn't gap down hard. The DXY dropping usually gives gold a bit of room to breathe and move upwards. So, if the dollar weakens, it could actually be a positive catalyst for gold. Just need to watch that 99.07 support level on the DXY closely over the weekend to get a feel for Monday's direction.
Hey @JHernandez16, totally agree about the DXY showing resilience! I saw that mid-week wobble too and thought 'here we go, another drop.' But it held up, and that's a good sign. The news about the US dollar strengthening due to oil prices and those hawkish Fed signals is really strong. I'm watching this carefully, feels like we're on the verge of a move higher.