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The weekly RSI is starting to fall off, having bounced off overbought several times this year. At the same time, we can see that the spot price is starting to fill out a descending triangle.
It's interesting that we are still seeing weakness in DXY, but also losing strength on Gold. In a macro sense, this would suggest that the weaknesses that we are seeing in DXY are more reflective of domestic rather than global issues. If we were continuing to see global fear, we would expect to see gold acting as a safe haven...
The weekly RSI is starting to fall off, having bounced off overbought several times this year. At the same time, we can see that the spot price is starting to fill out a descending triangle.
It's interesting that we are still seeing weakness in DXY, but also losing strength on Gold. In a macro sense, this would suggest that the weaknesses that we are seeing in DXY are more reflective of domestic rather than global issues. If we were continuing to see global fear, we would expect to see gold acting as a safe haven...
