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Published: 5 June 2026,06:24
Daily Market Analysis New
*US dollar rebounds after testing key resistance zone
*Strong ADP employment data supports confidence in US labor market
*Rising oil prices revive inflation concerns and lift Treasury yields
*Gold reverses lower as stronger dollar and higher yields weigh on sentiment
The U.S. Dollar Index, which tracks the greenback against a basket of six major currencies, initially retreated after testing a key resistance zone but later rebounded sharply and re-tested recent highs. The rebound reflected renewed demand for the dollar as investors continued to price in a higher-for-longer interest rate environment.
Recent U.S. economic data continued to support the greenback. The latest ADP employment report came in stronger than expected, reinforcing confidence in the resilience of the U.S. labor market. At the same time, rising oil prices have revived inflation concerns, helping push U.S. Treasury yields higher and providing additional support for the dollar.
Looking ahead, investors will closely monitor upcoming U.S. Nonfarm Payrolls data and other labor market reports for fresh clues regarding the Federal Reserve’s monetary policy outlook. A stronger labor market reading could further support expectations that the Fed may keep monetary policy restrictive for longer, while weaker data may limit the dollar’s upside momentum.
Gold prices, on the other hand, initially moved higher on geopolitical concerns but later reversed lower as the stronger U.S. dollar and rising Treasury yields weighed on the precious metal. Despite ongoing Middle East tensions, markets remain primarily focused on inflation risks and the possibility that the Federal Reserve may maintain restrictive monetary policy for an extended period.
Elevated yields continue to reduce the attractiveness of non-yielding assets such as gold. As long as the dollar remains firm and Treasury yields stay supported by inflation concerns, gold may struggle to build sustained upside momentum in the near term.
Technical Analysis
DXY, H4:
The dollar index is trading higher, currently consolidating near the 99.50 resistance level, which remains a key breakout zone.
Momentum is gradually improving, with the MACD forming a bullish crossover and the RSI at 58 rebounding sharply above the midline, suggesting increasing bullish pressure.
A confirmed breakout above 99.50 could extend gains toward the next resistance at 100.10, reinforcing the bullish outlook.
However, if bullish momentum fails to sustain, the index may retrace toward the 98.90 support level, with further downside toward 98.40 if selling pressure increases.
Resistance Levels: 99.50, 100.10
Support Levels: 98.90, 98.40
Gold, H4:
Gold prices are trading lower, currently testing the 4,440.00 support level, which serves as a key near-term floor.
Momentum remains bearish, with the MACD strengthening to the downside and the RSI at 37 below the midline, indicating continued selling pressure.
A confirmed breakdown below 4,440.00 could extend losses toward the next support at 4,370.00, reinforcing the bearish bias.
However, if selling pressure begins to fade, a technical rebound may occur, with prices likely to retest the 4,510.00 resistance level, followed by 4,570.00 if recovery strengthens.
Resistance Levels: 4510.00, 4570.00
Support Levels: 4440.00, 4370.00
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