Five Charts, One Critical Question

The markets are testing some of the most important support zones on
the charts.

Gold is once again locked in a battle around the psychologically
critical 4,500 level, while silver and platinum are struggling to
reclaim lost ground after failing to close their bearish gaps. At
the same time, the U.S. dollar remains technically strong despite a
short-term pullback, which continues to add pressure to the metals
complex. Today’s closing prices could be pivotal, as they will
show whether buyers are ready to launch a meaningful counterattack
or whether sellers are preparing for another leg lower.

U.S. Dollar Index (DX.F)

From today’s perspective, not much has changed. Even though
the dollar pulled back yesterday, all of the key support levels we
highlighted in the previous Lab are still intact. In other words,
the technical structure remains largely unchanged, and yesterday’s commentary is still very much up to date.

Platinum (PL.F)

Platinum is telling a very similar story to gold and silver.

Once again, the bulls were unable to close yesterday’s bearish
gap, and that failure exposed their weakness. The bears wasted
little time taking advantage of it, pushing the price back below the
black support line.

From a technical standpoint, that suggests further deterioration may
be just around the corner, with the 1,800 area emerging as the next important support zone to watch.

Palladium (PA.F)

Let’s start this section with a quote from May 8:

“(…) bulls (…) need to show real
determination here – especially to defend their current key
ally: the bullish gap from May 5 between 1481 and 1494). 

Because if that gap gets closed, the market will most likely move
very quickly toward a test of the lower boundary of the orange
consolidation. 

And what if bulls fail there too? 

Then traders should be prepared for a move toward 1425 – or
potentially even 1387 over the coming
sessions. (…)”

Looking at the chart today, we can see that the market unfolded exactly in line with our bearish
scenario, and sellers reached our downside target (congratulations to everyone who trusted the setup and locked in
profits along the way!).

So, what could happen next?

With today’s decline, palladium has dropped into
the green support zone between 1,357 and 1,375. This area represents the bulls’ last meaningful line of
defense before the market turns its attention to the March low.

That makes today’s closing price especially important. If
buyers step in here, we could see at least an attempt at a
counterattack, but if this support zone fails, the road
toward 1,315 may open surprisingly
quickly.

Today’s Takeaways

For the U.S. Dollar Index

• 
  Watch 98.72-98.68 because this support
  zone remains the bulls’ first line of defense.
• 
  As long as price holds above this area, the broader bullish
  structure remains intact.
• 
  Break above 99.30 -> opens the door
  to 99.69.
• 
  Weekly close above 99.00 ->
  strengthens the case for an eventual move
  toward 100.00.
• 
  Daily close below 98.72 -> increases
  the odds of a pullback toward 98.45.

For Platinum

• 
  Watch the 1,980-2,002 area because
  buyers need to reclaim this zone to improve the technical picture.
• 
  Break above 2,002 and close the bearish
  gap -> opens the door to a rebound
  toward 2,048.
• 
  Daily close below current support -> increases the odds of a
  drop toward 1,800.

Bottom line: Platinum is on shaky ground.
Bulls need a strong close above 2,000 to shift momentum back in
their favor.

For Palladium

• 
  Watch the 1,357-1,375 support zone
  because this is the bulls’ last major line of defense before
  the March low.
• 
  As long as this zone holds, a technical rebound remains possible.
• 
  Daily close below 1,357 -> opens
  downside continuation toward 1,315.

Bottom line: Palladium has reached a critical
support area. Today’s close should reveal whether buyers are
ready to fight back or whether the downtrend will accelerate.

Trading Lesson of the Day

When price reaches major support, the most important question is not
whether the market “should” bounce, but
whether buyers actually show up.

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Anna