Technical Analysis Suggests Gold Entering Bear Market Despite Recent Recovery

Gold prices have maintained an uptrend since March, yet technical analysis suggests the precious metal has entered a bear market phase. Notably, gold failed to capitalize on US Dollar weakness last week, reinforcing a bearish outlook despite the greenback's decline. The $5,000 level has emerged as a significant psychological barrier that the price failed to approach, even as markets eye upcoming US-Iran talks in Islamabad as a key geopolitical backdrop. This divergence is accompanied by a shift in market character, with gold trading like "meme stocks" rather than its traditional role as a defensive asset. Meanwhile, top investment funds focusing on gold miners continue to deliver exceptional returns. These speculative shifts imply that the recent recovery may be a corrective move within a broader bearish cycle.