Re-test or rejection? Dollar is at the top while metals are under pressure

After the initial week’s shock, markets are starting to show a more defined structure.

The dollar is back off recent highs (but still below key resistance levels), gold continues to decline, silver is stable (but barely), while platinum and palladium are clearly under pressure.

In other words, some charts are testing strength and others are already confirming weakness. Therefore, today’s close could decide which side gains control next.

US Dollar Index (DX.F)

Double Top…or a Continuation Higher?
This is the first question that comes to mind when we look at the daily chart.

Despite Monday’s decline, bulls managed to recover and push the dollar back to last week’s highs, but here’s the main thing: nothing has really changed yet.

Why? Because the main resistance zone is still intact. So, unless we see a daily close at least above 98.75 (the lower bound of the April 8 bearish gap), the bullish case remains incomplete, and the path towards the psychological 100 level remains blocked.

For bulls, the roadmap is clear: first – reclaim 98.75 and then close the full gap with a move above – 99.68. In our opinion, only then does the structure open up to higher meaningful continuity.

Until that happens? This is still a retest, not a breakout.

Main levels to watch:
Support: 97.56-97.82 (green support zone) / 97.36
Resistance: 98.75-99.68/100

gold(gc.f)

Let’s start this section with a quote from yesterday:

“(…) The way down becomes much clearer.

The daily indicators are still strongly in favor of sellers, with the most likely next destination in the coming session being the 4516 area. (…)”

From today’s perspective, Recession outlook remains as expected.

Sellers extended the move lower, pushing gold below the 38.2% Fibonacci retracement, which keeps the downside structure fully active.

And importantly, daily sell signals remain in place, keeping the market under pressure.

(…) But what if he fails to maintain the standard? → Rest analysis available premium price Reader today.

Silver (SI.F) → This section is reserved for premium reader Today.

Platinum (PL.F)

This chart is becoming very straightforward.

New Day – New Depression Gap (1951–1958). When we add to this a break below the 50% Fibonacci retracement and still active sell signals, the conclusion is simple: the bearish scenario from Monday remains in full swing.

There are no signs of stabilization yet. Therefore, as long as the gap remains open and the price remains below key levels, sellers retain complete control.

“(…) Until bulls fail to close that gap and reclaim the wedge, sellers retain control.

What does it mean? Potential test of the next support area at 1870-1842, where:

• minimum measured negative target
• Completes 61.8% Fibonacci Retracement

This creates a natural recession magnet.(…)”

Main levels to watch:
Support: 1870-1842
Resistance: 2011-2038 / 2128-2165 / 2174-2204

Palladium (PA.F) → This section is reserved for premium reader Today.

today’s takeaway

dollar

Bullish Outlook: Close above 98.75 and continuation towards 99.68 opens the way towards 100.
Bearish Scenario: Failure to break resistance keeps double top risk in play.
Key Takeaways: This is still a test – no definite breakout.

Sleep (…)

silver (…)

platinum

Bullish Outlook: Closing the bearish gap will be the first sign of stabilization.
Bearish Outlook: Continued weakness maintains the negative outlook.
Key Takeaway: Clean bearish structure – no signs of reversal yet.

palladium (…)

Respect the levels, ignore the noise and let the market come to you.
Anna