Looking back at last week, we can see that the US dollar index has retested the downward trend of the descending channel formed by the three points of the initial downtrend. Therefore, it is highly likely that T1 (the first target) will conclude around the convergence zone near 105. At that point, the corrective uptrend will end and enter the third phase of the downtrend million-dollar-pattern. This will directly impact the upcoming trend of gold prices.
Always remember to strictly adhere to risk management principles to achieve sustainable profits in the market. And don’t forget to anticipate the next news update with detailed trends of the US dollar index.
Wishing investors insightful and successful investment deals!
By. Pham Thanh Bien
