The U.S. dollar is facing renewed pressure, approaching a key support area after a brief rebound. Wednesday’s modest recovery for dollar bulls failed to restore the broader technical damage, and Thursday’s session opened with a bearish gap at 101.51-101.60. The index dipped to 101.27 before a slight rebound, nearing a critical support cluster at 101.11-101.26. The next key levels to watch are 101.10-101.07, where Fibonacci retracement and downside projections converge.
Meanwhile, gold is struggling to benefit from the dollar’s weakness, with sellers pushing prices close to the 4080 downside target identified earlier this month. Thursday’s low reached 4082.35, and the metal breached the 4098-4135 weekly bullish gap intraday. However, a confirmed closure of this gap requires a weekly close below 4098. Technical indicators like Stochastic have turned bearish, while CCI and RSI remain weak.
Other metals are also under pressure. Silver is testing key support after failing to reclaim its broken declining channel, while copper and platinum have reached previously discussed downside objectives. Palladium has completed its minimum measured decline from recent consolidation.
The broader takeaway is that technical targets and structures are important, but intraday breaks are not final verdicts. The daily and weekly closes will determine whether the recent declines are confirmed or if a reversal is in the works.