Recent price action indicates that the USD has formed a major intermediate low. Watch for additional USD gains in the months ahead.
- Negative intermarket correlation between gold and the DXY remains intact.
- Gold peaked at 1030.80 in Q1 2008 – at exactly the same time the DXY bottomed at 71.21.
- Recent commodity price correction triggered a bearish trend reversal below 903.87 for gold.
- DXY simultaneously registered a bullish trend reversal above 73.10.
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