UUP (US Dollar Index Fund) is current testing the key late-Dec 2023 reaction low in the pre-market session while at rarely oversold readings not seen since then on the weekly chart below. With gold, which still in what appears to be a potential buying climax, positively correlated to $USD, a substantial rally in the Dollar would be a net headwind for gold & remove the recent tailwind that has helped fuel the recent near-vertical ascent in gold. On watch for a potential reversal this week, especially a solid move back into that purple 3-year trading range.
UUP weekly April 21st