Gold Holds Firm as US Dollar Momentum Starts to FadeGold FuturesCOMEX_DL:GC1!StoneXTradingGold has retraced for a fourth week, with a small bullish hammer respecting the 50-week EMA and weekly VOPC showing demand around 4300. It also suggests bears are losing steam, given bearish volatility is waning. Note the bullish engulfing candle on the daily around the 50-day EMA. Prices are now consolidating around the upper half of last week’s range. The near-term bias is to seek dips within last week’s range while prices hold above last week’s low, with 4500 and 5600 being possible upside targets. But one thing that has really caught my attention is how gold has remained supported despite the strength of the US dollar index. Given bullish momentum is waning on DXY, even a minor pullback on the dollar could benefit gold over the near term. A break beneath last week’s low invalidates my near-term bullish bias, or a sudden spike of bearish volatility could serve as an early warning sentiment has changed. MS