Gold intermarket - keeping an eye on bearish DXY for new bullish rally

Gold has been confined to a range of $5.00, struggling at the 200 sma on the 1hr sticks but supported on a break below $1,340 at $1,338 while the DXY remains under pressure, struggling to break much higher on the 94 handle. 

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Gold has been trading in direct correlation to the US dollar and the Yen while the market looks ahead and is concerned for global growth and yields that are coming off due to the sentiment around whether the Fd can in-fact continue with their game plans, something that has come into question this year ever since the FOMC took on a less hawkish stance when they paused on their incremental rate rising campaign while the US economy continued to struggle in the first half of 2016. 

Gold has reached a peak for the time being, capping at $1,357 and $1,135.50, despite the DXY struggling at on the 96 handle and dropping down to test the lower end of the 94 handle. This has left god in a sideways channel between the aforementioned highs and the support line at $1,330. A break in the DXY on dovish sentiment from the Jackson Hole or a poor US GDP outcome could be next big thing for the gold price.