DBG Markets: Market Report for Apr 28, 2025

MARKET ANALYSIS

GOLDGOLD prices are currently still consolidated from last weeks trading, brought by easing US-China trade tensions. We can see the demand for gold dimming for a while as the MACD reflects a lack of conviction to sell or buy. The RSI, however, does show slightly favorable signs toward the bearish momentum. However, until a clear break is seen, we do not call for a specific market direction anywhere. We remain overall bullish.

SILVERSILVER prices have started to lower after GOLD finds weakness. The MACD is seeing increased growth for the bearish momentum, and the RSI is also finding consistent selling momentum without showing any significant move to call out an oversold level.

DXYThe Dollar index is being squeezed on the EMA200 and relevant support structure. The markets may indicate increased bullish momentum for others, but we will remain conservative and not call into any sort of directional bias. For the meantime, we do see prices still respecting bearish structure and maintaining overall bearish momentum. The MACD is consolidated, and the RSI, too, is failing to call for any significant developments.

Some interesting news on the USD may shift overall market sentiment, as this will reflect how the tariffs affected the economy of the U.S. since their execution. We will have JOLTS Job Openings on Tuesday, Advance GDP q/q, Employment Cost Index q/q, and Core PCE Price Index q/q on Wednesday. On Thursday, Unemployment Claims and ISM Manufacturing PMI will be reported. Finally, Earnings, NFP, and the Unemployment Rate will be posted on Friday.

GBPUSDThe Pound is currently maintaining prices at a similar level. We will not call a shift or whatsoever until we see a clear break in either direction. Until now, we see prices respecting overall bullish structure, thus maintaining a bullish bias.

AUDUSDThe Aussie dollar is also maintaining prices at a specific level, failing to call a shift to any direction. This may come as analysts continue to wait-and-see how the tensions between the U.S.-China relationship will develop. Other than this factor, analysts shift their attention to the upcoming CPI q/q on Wednesday and elections on Friday.

NZDUSDThe Kiwi will have some interesting developments this week as we see markets finding easing tensions. This may determine the growth of the Kiwi if China benefits from this move by the U.S. However, it is seen in the chart that it is maintaining a consolidation just above the EMA200, finding increased chances for a bullish continuation as price fails to shift overall market direction. We remain looking for bullish opportunities until we see a specific development with price.

Something to take note of is the China Manufacturing PMI data to be released this Wednesday. This will affect the Kiwi depending on how their economy grew, and how analysts will interpret this move.

EURUSDThe Euro is currently consolidated within the consolidation zone. We can see the MACD and the RSI currently show consolidated momentum. We expect further buying as prices fail to show a relative break to sell more. The EMA200 is supporting prices. However, we will not be overly optimistic for a bullish direction, as prices may be waiting for an opportunity to sell it at a premium. Thus, we remain conservative until a clearer break or movement is seen.

USDJPYThe Yen is currently still on top, showing increased bullish momentum. The break above the structure at 141.442 does indicate an overall market shift to bullish, as this move has turned the EMA200 into a support structure. We can see the RSI reflecting this increased bullish momentum as it stays low while prices stay high. The MACD, however, is showing little volume for the bullish side but there is growth.

We do not expect this to grow significantly as markets await data to be released for the Yen this Thursday regarding their rates. Japan is widely expected to keep their rates steady in light of the uncertainty brought by the tariffs.

Japan is also tight-lipped about how their negotiations with the U.S. regarding trade are ongoing, keeping us on our toes on what to expect. Japans top trade negotiator, Ryosei Akazawa, is also set to visit Washington this week for a second round of bilateral talks.

USDCHFThe Franc maintains the bullish shift but has been steady since the break. There is increased bullish strength coming in from the MACD, as it shows strong bullish volume despite prices maintaining the high. The RSI is also steady and consolidated. We wait for more developments before we call a specific bias for this market.

USDCADThe CAD is currently seeing consolidation, with the EMA200 squeezing prices lower. We expect an explosion soon, but the trade direction that we will see is still uncertain. There will be some Canadian data on GDP m/m coming this Wednesday, which may give some indication of Canadas health. Until we see a clear break, we steer clear of this market.