DXY, or the dollar index, has been in a downtrend since the very beginning. This is part of the reason why I'm invested in crypto, and why I think deflationary currencies will make a significant attempt to overtake inflationary currencies like the U.S. Dollar.
I think it's always good to look at where the supply zone was when an asset first comes on the market, as that often determines whether something is long term bearish, or long term bullish. In this case, the dollar index has a downward sloping supply zone (between the blue and orange diagonal lines). The blue line is where it was initially sold back in 1968, and has continuously failed to sustain above it. The people who stayed in Gold were smart. We have also recently formed a lower low, and a downtrend channel that has been acting as a new support (this is where the DXY spends most of its time these days, except when it ventures briefly up to the supply zone).
I also want to take this time to explain a pattern that I've found pretty often in observing markets. I call it the "desperate hand," since it resembles a hand reaching desperately for help as it falls into a bottomless pit. It is a powerful bearish reversal pattern that occurs when there is a large triple top or head and shoulders, followed by a drop below recent support. There is then a significant rebound that fails to get above that support, before falling down often at least twice as hard as the previous drop. The bottom is usually twice the distance of the neckline or "wrist" to the top. You can see that it happened to the DXY on its previous top in 2001 as well. I find that this pattern plays out the majority of the time (not 100%, but it's a VERY reliable indicator). I outlined it on this chart for fun.
Anyway, this is not a recommendation to buy or sell. I am not a professional financial advisor. This is just an observation I've made, and I also just wanted to share this pattern. Maybe other people have a different name for it.