The steeply impulsive move begun on Feb 1 from 100.91 warrants a fresh perspective that is cautiously bullish. I’ve chosen a reverse pattern with a 108.01 target and a 104.46 midpoint Hidden Pivot that can serve as a minimum upside objective for the very near-term. If DXY takes it out without effort and runs up to 106, that would call for an even larger bullish pattern with a 110.95 target. We’ll let price action speak for itself, but expect bullion to remain under pressure as long as the dollar is rising.
DXY – NYBOT Dollar Index (Last:103.58)