DBG Markets: Market Report for Jun 09, 2025

Market Analysis

GOLDGOLD prices turned around unexpectedly after failing to break above the 3,391.26 level. The primary catalyst for this downward pressure was the stronger-than-expected U.S. jobs report released on Friday (June 6th). The data, which showed a headline gain of 185,000 jobs and a hot +0.4% rise in Average Hourly Earnings, significantly dampened hopes for imminent Federal Reserve rate cuts this year and strengthened the U.S. Dollar.

SILVERSILVER continues to rise, acting as a potential indicator of sentiment on GOLD's current valuation. The dynamic where GOLD is falling or stalling while SILVER is rising can suggest that, in the short term, the market is pricing in Gold as being overbought. This could lead to Gold falling to a more appropriate level. Once that occurs, there is a chance for SILVER prices to retrace as traders return to GOLD. Currently, the MACD and the RSI for Silver are finding increased bullish momentum and volume gains, allowing us to assume a continuation higher.

DXYThe Dollar is currently seeing an extended consolidation after Friday's sharp rally. This is expected to continue in the coming days as markets await headlines from the U.S.-China trade talks in London. Until we find a definite path forward from those negotiations, we will hold off on calling a specific market direction.

GBPUSDThe Pound is currently showing increased bullish movement, with prices bouncing off the EMA200. The RSI is also indicating increased bullish momentum. The MACD, however, is in a more neutral position; while it previously signaled a potential bearish divergence, the market's reaction has been delayed amidst the strong upward price action, which can mean that underlying buying volume is still dominant. The overall price action remains very bullish. Thus, we expect to see more buying opportunities. This bullish momentum might be taken beyond the boundary high if prices manage to normalize the RSI's momentum. We will wait to see how prices progress but will definitely look for more buying opportunities unless a clear structural break to the downside is seen.

AUDUSDThe Australian Dollar is currently seeing increased buying interest, with prices staying in a consolidation near the previous high point. Although the RSI is indicating increased selling momentum, the MACD is signaling a rise in bullish volume, as evidenced by its limited reaction to the stronger buying push. The overall price action is also very bullish, not to mention how prices were supported by the 0.64801 level. We expect to see increased buying in the coming days.

NZDUSDThe Kiwi is finding increased buying chances after nearing the EMA200. However, with prices under 0.60455, if it fails to break this high, we might see a test of 0.59796. The RSI is finding increased bearish momentum while the MACD is still in a neutral position. As long as the overall price action maintains the bullish structures, we will stick to looking for more buying opportunities.

EURUSDThe Euro is currently within an extended consolidation zone, with the EMA200 and the upper boundary of the previous consolidation zone acting as effective support. The upper price boundary is expected to be broken soon, contingent on more weakness coming into the dollar and any positive news from a potential E.U.-U.S. trade deal. The MACD is seeing increased buying volume; however, the RSI is indicating overbought levels. There is a chance for prices to consolidate further or to find the strength to break the high. We will wait to see how the markets will progress. However, as long as prices maintain the overall buying structures, we will look for more buying opportunities.

USDJPYThe Yen is currently experiencing increased consolidation, and the range is wider than once anticipated. While others speculate, we will hold off on taking any action until we find a clear market direction that breaks either side of the current structures.

USDCHFThe Franc is also within a consolidation just under the previous boundary. However, we anticipate growing chances for a sell continuation [for USD/CHF]. The MACD and the RSI are also finding an increased selling momentum and volume. The overall price action also maintains bearish expectations. Thus, we will keep looking for more selling opportunities.

USDCADThe CAD maintains its selling momentum [for USD/CAD]. We can see that prices have been supported by 1.36328 and 1.36612. However, the upper boundary of the price range is also holding off any buying attempts. Thus, we might see a consolidation between these levels. However, the MACD and the RSI are indicating increased bearish chances as they reflect growth in both volume and momentum. As long as bearish structures remain, we will maintain our bearish bias.