The opportunities will arise if the US dollar breaks higher on the monthly and daily charts as illustrated below.
The monthly chart shows that the price has seen a heavy rejection fro the highest levels on record.
The move has snapped four straight months of gains.
The weekly chart is offering prospects of some further room to the downside.
However, the daily chart is meeting a prior low and a 78.6% Fibonacci retracement.
If the US dollar now stalls, then this could be as about as far as gold will travel for the time being before an upside correction.
Bears will be looking for a weekly close below the resistance structure to give rise to further downside opportunities.
As it stands, the DXY could be about to correct the recent bullish leg and be set on the completion of a bullish 5-wave pattern:
Reference: FXStreet
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