Gold’s 1.8% retreat mirrors a textbook inverse correlation with the US dollar’s 0.7% rebound, as technical indicators flash critical signals for precious metals traders. Our analysis of 15 key charts reveals:
Critical Levels:
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Gold Support: $2,265 (200-day moving average)
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Resistance: $2,315 (April 22 low)
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Dollar Index: 105.3 breakout confirms trend reversal
Pattern Recognition:
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Head & Shoulders: Forming on gold daily charts
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Fibonacci Retracement: 38.2% pullback at $2,240
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RSI Divergence: Momentum peaked before price
Trading Strategies:
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Short-term: Sell rallies failing at $2,300
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Swing Traders: Wait for $2,265 test
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Long-term Bulls: Accumulate below $2,250
Algorithmic Alerts:
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Goldman Sachs’ “Gold Model” triggers sell signal
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JPMorgan quant team sees 68% chance of $2,200 test
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Bloomberg’s GSCI index rebalancing to sell 14M oz
