Today’s FOMC meeting has the potential to spark a rally in the $USD & if so, that could be the catalyst for a breakout of this 60-minute bullish falling wedge pattern. If so, that would be net-bearish for gold.
DX 60-minute Dec 16th
Of course, the Dollar could go the other way, depending on what Chairman Powell says after the meeting (2:00 pm EST announcement & 2:30 Fed Chair press conference) so best to stay flexible if currently long gold, silver, and/or the miners or looking to take/add-to a position soon. Should the $USD breakout of the wedge & especially above the 91ish resistance (dotted horizontal line on the chart above), that would likely set the stage for that potential trendline backtest scenario on the weekly chart of $EUR/USD that has been laid out as a possibility in recent videos.
EUR-USD weekly Dec 16th
As of now, the recent breakout in the EUR/USD is still well-intact which keeps the longer-term outlook bullish until & unless the breakout fails with a solid move back down below the long-term downtrend line in EUR/USD. As such, longer-term investors might use any weakness or strength in the Dollar to continue strategically scaling into gold as long as the charts remain constructive while more active swing traders might opt to use the intraday charts of both gold as well as the US Dollar (and Euro) to tactically manage positions in the metals & miners.