DBG Markets: Market Report for Jul 09, 2025

Market Analysis

GOLD

Contrary to fundamentals, GOLD followed through with our bearish technical reading. It went southward and toward the bottom boundary of its price range. We expect to see a consolidation continuation from here, but there is a chance that if the price breaks this low, there will be a continuation sell-off. This drop is showing appropriate RSI momentum and MACD volume. While the MACD is assuming a more consolidated stance, this also shows that the drop is normal, especially with the price structure making new lower points.

GOLD is also dropping due to the increased appeal of the Dollar's strength. This is largely caused by traders weighing the impact of new U.S. tariffs. They know that depending on the inflationary impact of these tariffs, there might be a delay in how the Fed will cut U.S. rates, which could cause strength in the Dollar to continue if they show signs of a cut being delayed. However, there are many other factors to consider before we can call a definite result of this move. It will all boil down to whether the markets believe the tariff moves are detrimental or helpful for the U.S. economys future.

SILVER

Prices are currently testing the EMA200. The market is still consolidated with prices being squeezed inward at this structure. We maintain a call for a bullish continuation but will hold back on entering any positions until we see a clear break of structure.

DXY

The Dollar is finding increased bullish movement after testing the EMA200. This strength comes as investors weigh the administration's aggressive new tariff moves. On today's original tariff deadline, the president confirmed that the newly imposed duties on 14 countries, set to take effect on August 1, would proceed without revisions or delays. In a more aggressive move, Trump also unveiled a 50% tariff on copper imports and threatened tariffs of up to 200% on pharmaceutical imports, though he stated implementation for the latter would be delayed by 12 to 18 months. The Dollar posted its strongest gains against the Yen amid growing pressure on Japan to secure a trade agreement with Washington.

Market participants now turn their attention to the upcoming release of the FOMC minutes later today for further insights into the Federal Reserve's policy outlook. Technically, the MACD is currently showing increased bullish gains, and the RSI is also showing growth for the bullish movement. With that, we anticipate further buying, especially now that the overall momentum of the price has already shifted to bullish.

GBPUSD

The Pound has broken lower and is now showing increased chances for a sell continuation. The previous move has shifted the overall market movement to selling. With this, we anticipate further bearish opportunities to appear. This is likely due to the immediate strength coming into the Dollar because of the tariff news. The MACD and the RSI are indicating increased selling volume and momentum.

AUDUSD

The Aussie Dollar is finding increased chances for a sell continuation. Fundamentally, we are now in a risk-off market, with the new tariffs weighing on market decisions. The EMA200 will likely act as a strong resistance to the price, and we might find increased selling from here. Thus, all we can do is wait to see how prices will progress, but the overall price movement is still very bearish.

NZDUSD

The Kiwi is currently showing increased chances for a sell continuation. The MACD and the RSI are also indicating increased bearish momentum and volume. With this, we can continue to expect a fall in this market.

EURUSD

The Euro is currently experiencing increased selling movement due to the Dollar's strength. It has dropped to test the low boundary of its range; if it breaks through this bottom, we might find a shift in the overall market movement. Until then, the pair is still consolidated.

USDJPY

The Yen's weakness remains apparent in the market as the pair [USD/JPY] continues to break through boundary highs. The 146.512 level provided little aid in stopping the bullish momentum. The MACD and the RSI also reflect the strong bullish movement of the price. Thus, we continue to look for more bullish opportunities in this market.

USDCHF

The Franc continues to remain tenacious in its stance as it consolidates on the upper boundary [of USD/CHF], testing to see if it can break through the highs. If it does manage to, we can expect to see the potential for a continued bullish move for a while. The MACD is showing growth for bullish volume, although the RSI is indicating overbought levels, giving us a chance to see another return lower to normalize price levels. Until then, we will wait.

USDCAD

The CAD's weakness is also evident in this market as the pair [USD/CAD] continues to break through recent highs. This move above the 1.36612 level has already completely shifted the market's momentum. The MACD and the RSI are finding increased bullish volume and momentum. With this, we look for more opportunities to buy this market.