US Dollar and GOLD Technical Analysis

The US Dollar rose after a red-hot US CPI report bolstered Fed rate hike bets. The daily price is testing the bullish triangle pattern with resistance level at 109 to above for the strong daily bullish trend to be continuing.

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Gold prices rallied this past week, but markets might be getting ahead of themselves. A hawkish Federal Reserve, US GDP and PCE data could weigh against XAU/USD in the week ahead.

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The July Fed meeting changed the trajectory for the US Dollar for the rest of 2022.

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The Federal Open Market Committee (FOMC) Minutes may drag on the US Dollar should the central bank show a greater willingness to implement smaller rate hikes.
The daily price is on ranging near and around Weekly Pivot at 105.88 for the possible bearish rebersal to be started or for the bullish trend to be continuing.
Conslusion: neutral waiting for direction.

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The update to the US Personal Consumption Expenditure (PCE) Price Index may curb the weakness in the price of gold as the report is anticipated to show a slowdown in inflation.
The weekly price is testing 200 SMA to below for the possible weekly bearish reversal. Alternatively, if the price is bounced from 1680 support level so the secondary ranging market condition will be started.

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Gold prices had a relatively tame week despite sharp losses on Friday. More concerning is the renewed push higher by real yields in developed economies. The weekly price is on secondary ranging near and below Ichimoku cloud in the bearish area of the chart waiting for the direction of the strong trend to be started.

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Gold prices rebound off psychological support at a critical juncture that has provided a pivot point for the imminent move. The daily price crossed symmetric triangle pattern to below for the primary bearish trend to be continuing and it was stopped by support level at 1688 and psy level at 1700: the price was bounced from those levels to above for the secondary ranging to be started.

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Gold prices were little changed last week despite surging Treasury yields and a stronger US Dollar. The weekly outlook for bullion may depend on the stock market.

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USD has both the rate advantage while also being the safe-haven, positioning the Greenback for continued gains into the end of the year. The weekly DXY price is located far above Ichimoku cloud in the bullish area of the chart: the price is trying to break the bullish triangle pattern with resistance level at 114 for the bullish trend to be continuing.

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Is the US Dollar correction over? The stage is set and its decision time for the bulls in the days ahead. The levels that matter on the DXY weekly technical chart.

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