DXY Technical outlook on H1 time frame

Fresh US Dollar selling lends support to Gold price
The US Dollar (USD) comes under renewed selling pressure and erodes a major part of the overnight gains amid the uncertainty over the Federal Reserve’s (Fed) rate-hike path. This, in turn, is seen lending support to the US Dollar-denominated Gold prices. Fresh concerns about the regional banking sector crisis, the possibility of an imminent recession and worries about the debt ceiling in the United States (US) lift bets for an imminent rate cut by the Fed later this year. This led to the overnight slum in the US Treasury bond yields and continues to act as a headwind for the Greenback.

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