Market Analysis: Dollar and Precious Metals
Published: April 29, 2026
In the latest market analysis, the U.S. dollar is testing recent highs while precious metals like gold, silver, platinum, and palladium are under pressure. The article discusses the current market structure and key levels to watch for potential movements.
Dollar Performance
The U.S. Dollar Index (DX.F) is approaching a critical resistance level. Despite a pullback earlier in the week, the dollar has managed to recover and is nearing last week's highs. However, the main resistance zone remains intact, and a daily close above 98.75 is necessary for a bullish continuation towards the psychological level of 100. Until then, the market is in a retest phase rather than a breakout.
Key Levels to Watch for the Dollar:
Supports: 97.56-97.82, 97.36
Resistances: 98.75-99.68, 100
Gold Market Analysis
Gold prices continue to decline, having fallen below the 38.2% Fibonacci retracement level. The bearish trend is supported by daily sell signals, indicating that sellers are in control. The next target for gold is projected to be around the 4516 area in the coming sessions.
Platinum and Palladium Trends
Platinum is also experiencing a bearish trend, with a new gap forming and a break below the 50% Fibonacci retracement level. The analysis suggests that as long as the price remains below key levels, sellers will maintain control. The next support zone for platinum is identified between 1870-1842, which coincides with a significant Fibonacci retracement level.
Key Levels to Watch for Platinum:
Supports: 1870-1842
Resistances: 2011-2038, 2128-2165, 2174-2204
Conclusion
The dollar is on the verge of a potential breakout, but confirmation is lacking, suggesting a risk of a double top formation. Meanwhile, the bearish structure in platinum highlights the persistence of momentum in the market. Traders are advised to respect the key levels and allow the market to dictate the next moves.