The current dollar weakness that brought the dollar index (DXY) down to a new low at 106 has given gold and opportunity to pump massively. However, the DXY is set to recover again as the market awaits more aggressive interest rate hike from the Fed during the next session in December.
The price of XAUUSD is currently interacting at an important box level marked in the diagram below.
A break above the upper resistance at $1780 will give way to $1800 to end the week.
While a break downwards below the support level at $1754 will trigger a massive downward trend with target as $1620.
The price of XAUUSD is currently interacting at an important box level marked in the diagram below.
A break above the upper resistance at $1780 will give way to $1800 to end the week.
While a break downwards below the support level at $1754 will trigger a massive downward trend with target as $1620.