DBG Markets: Market Report for Jul 23, 2025

Market Analysis

GOLD

Gold prices have extended their highs following the successful negotiation of trade deals, which has eased market uncertainty. While geopolitical trade risks have not been eliminated, concerns have lessened—particularly since previous tariffs did not lead to the dramatic rise in inflation that some analysts had feared. These developments increase the likelihood of monetary easing later this year. We anticipate continued buying pressure for Gold, as technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) confirm strong bullish momentum and volume.

SILVER

Silver has risen above its previous high point and is currently testing this boundary as a potential new support level. Whether this level holds will determine the next move. If it fails, a retest of the 200-day Exponential Moving Average (EMA200) may be required for the bullish trend to resume. Both the MACD and RSI reflect growing buying momentum, increasing the chances for a continuation higher.

DXY

The Dollar has weakened further, solidifying its bearish momentum as trade deals with Japan and other countries are settled. The MACD and RSI also indicate growing bearish strength and volume, suggesting a higher probability of a continued sell-off in the coming days.

GBPUSD

The Pound is showing increased buying momentum, using the EMA200 as a key support level. The MACD and RSI also signal strengthening buyer volume. A clean break above current highs could confirm a bullish continuation, but until then, we remain cautious.

AUDUSD

The Aussie dollar is experiencing increased buying momentum but remains confined within a larger consolidation range. The safest strategy is to wait for a decisive break above the 0.65869 resistance level before committing to new long positions. While the short-term outlook is positive, it is important to note that the overall price momentum remains bearish.

NZDUSD

The Kiwi is close to shifting to an overall bullish momentum, as both the RSI and MACD reflect growing buyer strength. We anticipate further buying if the price breaks above its current levels. A clean break and a successful test of the EMA200 could present potential entry opportunities.

EURUSD

The Euro has rebounded, shifting the overall momentum back toward buying as it approaches the upper boundary of its price range. This suggests further buying could continue. However, if the price fails to break through this high, a period of consolidation may follow. The MACD and RSI reflect increasing buying momentum.

USDJPY

The Yen continues to strengthen (USD/JPY selling off), with a high probability of a sell-off continuation. The MACD and RSI confirm increased bearish momentum and volume. This Yen strength is partly attributed to trade agreements being reached before the August 1st implementation deadline. However, it is important to note these tariffs will still impact the economy. From a technical standpoint, with the overall price action having shifted, we will look for more selling opportunities.

USDCHF

As expected, the Franc is seeing increased selling pressure (USD/CHF rising), shifting the overall price action back to bearish for the franc. After breaking below a lower boundary and retesting it, we will look for more selling opportunities. The MACD and RSI also show growing bearish momentum and volume.

USDCAD

The CAD gained significantly as trade war tensions subsided. The recent trade agreements have reduced market uncertainty, allowing the currency to strengthen against the U.S. Dollar. The MACD and RSI indicate strong selling momentum for the pair. We anticipate this selling pressure will continue in the coming days.