After several hesitations and technical battles around key levels, markets across the dollar and precious metals space started to show clear signals.
The U.S. dollar has finally managed to break through the psychologically important 100 level. At the same time, gold and silver continue to face mounting pressure as a series of bearish gaps and active sell signals keep sellers in the game. In short, we are entering a phase where the next few sessions could determine whether metals stabilize - or whether the correction accelerates.
U.S. Dollar (DX.F)
Let’s start this section with the quote from March 3rd:
“(…) This is the battlefield (…)
If bulls manage to close the day above 99.30 the path toward 100 and the November highs will open (especially since the greenback is already trading above the previously broken red downtrend line).
Looking at the daily chart, the first word that comes to mind is simple: finally.
After yesterday’s successful defense of green gap and a daily close above 99.31, buyers managed to neutralize the red gap left from last week. That technical victory opened the path toward the psychological 100 level and the November highs, perfectly aligning with the bullish scenario discussed earlier.
So, what comes next?
Daily indicators are now showing clear negative divergences, and when we combine them with the next important resistance zone - November highs together with the strong bearish engulfing pattern from May 29, 2025 - it suggests that the room for further upside may be somewhat limited.
Nevertheless, from an Elliott Wave perspective, one more upswing toward approximately 100.48 should not surprise us before the market potentially starts cooling down.
In other words, bulls currently remain in control, but the next resistance zone could prove challenging.
Gold (GC.F) & Silver (SI.F) → this section is reserved for Premium readers today.
And the timing is not random: we’re sitting at technical zones that can shape not only today’s session, but the entire week ahead.
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Today’s Takeaway
Right now the market is sending a very clear message: watch the key levels closely. Each instrument is approaching a technical decision point, which means patience and discipline are particularly important.
U.S. Dollar: bulls are currently in control after reclaiming 99.31.
Levels worth watching:
• around 99.30 -> now acting as support
• 100 - 100.48 zone -> next key resistance area
As long as the dollar remains above 99.31, the bullish scenario remains intact.
Gold: the yellow metal continues to face pressure (…)
Silver: the white metal remains trapped (…)
In short: the greenback is gaining strength, while precious metals are testing the limits of their support zones. The next confirmed break - or defense - of these key levels could determine the direction for the coming sessions.
Stay sharp, stay tactical.
Anna