XAUUSD More Likely to Correct below 1750 towards 1700

The above chart shows price action for Gold on the 4 hour timeframe. As we all know, XAUUSD and DXY tend to have an inverted correlation relationship. If we study today's move against the greenback across the board, we can see that the dollar was quite oversold.

With that said, if we see some strength added back to the dollar heading into this week's USA reports, we should also see some weakness in Gold.