No Tech Reason To Buy USD Yet; Buy Gold On Pullbacks
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Ichimoku cloud holds DXY down for three weeks.
The weekly Ichimoku cloud held as resistance for the last three weeks. Price is back to the middle of a long term range and directional momentum is absent. The breadth of USD is still weak and broader USD indices, such as the BBDXY and TW broad dollar index, remain under resistance. We’ve yet to see technical reason to broadly buy USD.
Consider long gold on pullback to technical support.
We remain bullish gold with targets of 1442, 1483 and possibly 1550. A pullback in gold prices during August to the daily trend line developed this year may offer a good technical opportunity to buy gold in anticipation of a continued rally.
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