Today's Financial Markets: Summary & Insights

Market Analysis

GOLD

Prices still fail to continue their bullish trend despite finding strong support at the EMA200 previously. At the close of last week, markets retracted from the higher boundary, consolidating further on the EMA200. The fall in Gold came after last week's better-than-expected U.S. jobs data bolstered the Dollar. Technically, the MACD is showing increased bullish volume, and the RSI is still very consolidated. We will wait for more trading this week to see where the price will go as the market weighs two major upcoming risk events: the July 9th tariff deadline and key U.S. inflation data on Friday.

SILVER

Prices are still bullish, showing chances for a buy continuation. Contrary to some expectations, Silver rising while Gold falls suggests that most market participants are pricing in Gold as being overbought, especially as it is close to its historic highs. We expect further bullish momentum for Silver to continue in the coming days, especially with prices trading in a range above the 36.7308 level. The MACD and the RSI are also indicating increased chances for a bullish continuation.

DXY

The Dollar is finding increased consolidation with the EMA200 acting as resistance. Both the MACD and the RSI are also quite consolidated. We anticipate further bearish movement in the coming days but will wait for a clear break of the structure's low or high. The overall price action remains bearish, so we will maintain that bias.

GBPUSD

The Pound is currently consolidated, trading slightly under the boundaries of its recent price range. We anticipate further buying in the coming days. While the MACD is showing chances for growth in selling volume, the RSI recently indicated oversold conditions. This creates mixed signals and confirms the consolidation in the market. Not to mention, there has not been a complete shift in the overall market structure yet. Thus, the best we can do is wait to see how it will progress in the coming days.

AUDUSD

The Aussie Dollar is still trading on the EMA200, testing to see how prices will react to this structure. The MACD is showing growth in selling volume while the RSI is also progressing through its normalization of selling momentum. Thus, all we can do is wait to see how prices will progress. However, until prices break below 0.65250, there will be no changes to our overall bullish market structure.

NZDUSD

The Kiwi is still overall bullish, but the market is currently consolidated as it tests the 0.60455 level. The MACD and the RSI are very consolidated but are leaning more towards the selling side. Thus, all we can do is wait for a clearer break in structure to be more sure of the market's direction.

EURUSD

The Euro is still in a consolidation phase. We will hold off on making any calls until a clear break in structure is found.

USDJPY

The Yen is currently showing its strength against the dollar [USD/JPY is falling]. Although we mentioned last time that if it breaks the high [on USD/JPY] and prices stay above 144.451, we would call for an overall shift. With prices now testing this structure with the EMA200, if it bounces up and breaks 145.196, we can expect to see an overall shift back to bullish momentum. The MACD is seeing increased bullish volume, as reflected by its aggressive reaction even on muted price dips. The RSI is also signaling an increase in bullish volume with how quickly it is dropping from overbought levels.

USDCHF

The Franc is still consolidated but remains within the expected range of testing prices before a potential continuation lower [for USD/CHF]. With how things are in the U.S.—the upcoming tariffs and the insecurity behind how the economy will progress—the Franc stands to gain from this as a safe-haven alternative. The MACD is seeing more bearish volume, and the RSI indicated overbought levels. While the chance of it moving sideways to test the EMA200 exists, there is a probability that it will continue bearishly in the coming days.

USDCAD

The CAD is currently finding increased selling momentum [for USD/CAD]. The RSI and the MACD are also signaling a sell continuation. This is suggested by the indicators rising aggressively despite a muted price response, which can indicate a bearish divergence. We expect further selling in the coming days but do see chances for it to consolidate for a while.