DXY - looks very bearish - supporting XAU/USD and Commodities

This updates a previous chart on DXY showing the rise to the channel. DXY has been rejected by the channel and MAY be in the process of a Wave III down - there is now a reasonable probability of DXY heading to 80/81. This will be very bullish on commodities generally and XAUUSD and XAGUSD. The precious metals charts are showing a potential breakout from down trends dating back to August 2020 - the charts are therefore aligned and in the next couple of days or so we should see confirmation as to the precious metals break above (or rejection down) from the corrective action since 08/20.

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USD continues its downward path which is supportive of Precious Metals.