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Published: 28 April 2026,06:33
Daily Market Analysis New
*US dollar edges higher after testing key support
*Bargain buying and positioning ahead of central bank meetings support USD
*Multiple major central bank decisions this week drive uncertainty
*Gold declines as markets price in more hawkish policy outlook
Market Summary:
The US dollar index rebounded modestly after finding support, as markets positioned ahead of a series of key monetary policy decisions from major central banks.
Part of the rebound can be attributed to bargain buying, following the dollar’s recent pullback driven by optimism surrounding a potential U.S.–Iran ceasefire. Earlier expectations of easing tensions had reduced inflation concerns, leading to a decline in U.S. Treasury yields and weighing on the greenback.
However, sentiment has since stabilized as investors shift focus toward upcoming policy meetings, particularly from the Federal Reserve. With the Middle East conflict entering its second month, uncertainty remains over its economic impact, especially through energy-driven inflation channels. Market participants are now closely watching central bank guidance for clues on the future path of interest rates.
Meanwhile, gold prices edged lower, as traders positioned ahead of these policy decisions. Expectations that major central banks may lean toward a more hawkish stance, driven by inflation risks linked to elevated oil prices, have increased the opportunity cost of holding non-yielding assets such as gold.
As a result, tightening monetary policy expectations have weighed on gold in the near term, despite ongoing geopolitical uncertainty.
Overall, both the US dollar and gold are being driven by expectations surrounding central bank policy and inflation trends, with upcoming decisions likely to act as key catalysts for the next directional move.
Technical Analysis
DOLLAR_INDX, H4
The dollar index is trading higher after rebounding from the 97.55 support level, signaling a potential short-term recovery.
Momentum indicators are improving, with the MACD showing diminishing bearish pressure and forming a bullish crossover, while the RSI at 47 is rebounding from oversold territory, suggesting a shift toward a more constructive bias.
If bullish momentum persists, the index could extend gains toward the 99.20 resistance level, with further upside toward 100.45 if momentum strengthens.
However, if buying pressure fails to sustain, the index may retrace and retest the 97.55 support level, with deeper downside toward 96.15 if selling pressure resumes.
Resistance Levels: 99.20, 100.45
Support Levels: 97.55, 96.15
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