Chart the Market (23/04/2026)
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Chart the Market (23/04/2026)

Published: 23 April 2026,07:04

Published: 23 April 2026,07:04

Chart The Market

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Dollar Index, H4:                                                               

The US Dollar Index is showing a short-term recovery within a broader corrective structure, with price rebounding after a sharp breakdown but still trading below key resistance.The most important development here is the earlier break below the 99.70 support zone, which marked a clear shift in structure from bullish to bearish. This level has now flipped into resistance, and recent price action shows rejection attempts as the index tries to reclaim it.

Price is currently trading around 98.60, recovering from recent lows near 97.80. While the rebound suggests short-term strength, the structure still reflects lower highs and lower lows, indicating that the broader bias remains cautious unless key resistance is reclaimed.

Momentum indicators are improving but not fully supportive yet. The RSI has rebounded toward the mid-60s, indicating recovering momentum, while the MACD has crossed higher into positive territory, suggesting early bullish momentum though still in a recovery phase rather than a confirmed trend reversal. Overall, DXY is in a corrective rebound phase, but the broader structure remains fragile. A confirmed break above key resistance is needed to shift the bias, otherwise the risk of renewed downside remains.

Resistance Levels: 98.80, 99.20

Support Levels: 98.35, 97.85

GOLD,  H4

Gold is showing early signs of weakness after a recovery phase, with price now struggling to hold above a key support-turned-pivot zone.The most important development here is the break below the rising trendline and the 4,700 support area, which had been supporting the recent higher-low structure. This signals that bullish momentum is fading and the market may be transitioning back into a corrective or bearish phase.

Price is currently hovering around 4,710, with immediate support at 4,700, followed by 4,610. A sustained move below these levels would confirm downside continuation and potentially open the path toward 4,490. On the upside, resistance is now seen at 4,780–4,850, where previous consolidation and the broken trendline converge. Price would need to reclaim and hold above this zone to invalidate the current bearish shift and restore bullish structure.

Momentum indicators are aligning with the downside scenario. The RSI is trending lower around the high-30s to low-40s, indicating weakening buying pressure, while the MACD remains in negative territory with flattening momentum suggesting sellers are still in control, albeit without strong acceleration.Overall, gold is losing upside momentum and entering a potential pullback phase, with downside risks increasing unless price can quickly reclaim the broken support zone.

Resistance Levels: 4785.00, 4850.00

Support Levels: 4700.00, 4610.00

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