DBG Markets: Market Report for Aug 01, 2025

MARKET ANALYSIS

GOLD

Gold is steady in early Asian trading as the market digests new tariff developments. President Trump announced a 90-day extension for Mexico, although sectoral tariffs remain. In a separate move, the White House said an executive order was signed raising tariffs on Canada to 35% from 25%. Technically, the MACD and RSI maintain a bearish bias, showing sustained selling momentum. While we anticipate further selling, a clearer market direction will likely emerge later in the day.

SILVER

Silver prices have turned bearish, with the MACD and RSI reflecting increased selling momentum. The market structure has already shifted to a bearish bias. Currently, the price is stagnating in a minor retracement as traders assess the impact of the new tariff announcements. We anticipate further selling to resume in the coming days.

DXY

The U.S. Dollar Index continues to rise, hovering near the 100.00 level and holding at a two-month high. The rally is driven by several key factors:

President Trump reaffirmed a 10% baseline global tariff and imposed new reciprocal duties of up to 41% on countries without trade agreements.

A 40% tariff was also announced on goods deemed to have been transshipped to circumvent existing duties.

These actions are heightening trade tensions and fueling demand for the greenback as a safe-haven asset. Investors are also cautious ahead of today's U.S. jobs report (NFP), which will offer fresh signals on the strength of the labor market and the Feds next policy move. The MACD and RSI confirm the bullish momentum, and we will continue to look for buying opportunities.

GBPUSD

The Pound continues to sink as heightened trade tensions boost the U.S. Dollar's safe-haven appeal. The MACD and RSI confirm sustained bearish momentum as the price breaks below relevant support structures. We will continue to look for more bearish opportunities.

AUDUSD

The Aussie dollar shows strong bearish momentum, as reflected in both the MACD and the RSI. We will continue to look for more selling opportunities, noting that further U.S. trade announcements could add volume and accelerate the move lower.

NZDUSD

The Kiwi continues to trade lower due to the dominant strength of the U.S. Dollar. The MACD and RSI reflect strong bearish momentum and volume. We will continue to look for more bearish opportunities in this market.

EURUSD

The Euro continues to test its lower boundaries. As with yesterday, our bearish expectation has not changed. The price appears comfortable at these lower levels, increasing the probability of another move down. The MACD and RSI also show increasing bearish momentum. We will continue to look for selling opportunities.

USDJPY

The USD/JPY pair rallied sharply during yesterday's session. The MACD and RSI indicate strong buying pressure, confirming our bullish outlook. More buying is expected after a short retracement, and we will wait for the next buying opportunity to present itself.

USDCHF

The USD/CHF pair is currently consolidating, but the price action suggests a high probability of a bullish continuation. The MACD and RSI also show increasing buying momentum and volume. We anticipate more buying to come.

USDCAD

The CAD is expected to weaken further after President Trump announced larger tariffs on Canadian goods. The USD/CAD pair is very bullish, having broken above the key resistance at 1.38402. Interestingly, the MACD and RSI remain remarkably subdued despite the sharp price increase, which can indicate powerful underlying momentum. The general expectation is for a continued rise from here.