US Dollar and GOLD Technical Analysis

The economic calendar remains busy in the days ahead with a bevy of Federal Reserve speakers as well as the October US inflation report (consumer price index).

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After the rally in early 2022 those hoping for rising inflation to boost gold prices have been disappointed. In early November the weekly money flow revealed a significant change and the Viper Report’s Tom Aspray shares his current outlook.

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US Dollar Index comes to life, finding support of the May 2022 swing low. More upside ahead?

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Not much love seems to be in store for the US Dollar as traders continue focusing on ebbing inflation, a dovish Federal Reserve and a potentially resilient labor market. Where to for DXY?

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Gold today started drawing a bullish candlestick, but whether this will be a valid signal is still questionable because yesterday the gold price extended its decline even though it had risen after the market opened.

Originally Posted by Zerologic

Gold today started drawing a bullish candlestick, but whether this will be a valid signal is still questionable because yesterday the gold price extended its decline even though it had risen after the market opened.

Gold may fall towards 2280 support if unable to hold above 2400

Originally Posted by Sunshine

Gold may fall towards 2280 support if unable to hold above 2400

It is possible to happen, however now Gold already reached above 2408, and this could be a resistance zone and lead the price back to drop. Today more concern with the news of PMI as one important US inflation data, let's see what happens later.

It seems that the price of gold is falling and may go further, this can be seen from the long bearish candlestick on gold reflecting a sharp decline. It may reach 2360 in the near future.