Daily Market Recap

GOLD- After yesterday's rise, prices have stagnated, showing a slowdown in momentum and a possible retracement in anticipation of upcoming news this week, including Flash Manufacturing and Services PMI data and Fed Chair Powell's speech on rate cut expectations. We still maintain a fundamentally bullish outlook on gold.

SILVER- Silver is rising closer to the 29.900 level again after previously pulling back from that point. We expect further growth as current prices are supported by market anticipation of rate cuts. Our market outlook remains unchanged.

DXY- We observe a continued decline in the dollar and expect the market to drop further in anticipation of the rate cuts. There‘s not much change from yesterday’s analysis, so we recommend reviewing that to better understand the market conditions.

GBPUSD- The Pound has reached the expected level of 1.29966 but has since stagnated after hitting this significant level. We are waiting for further confirmation before predicting the continuation of this trend, though we still anticipate further growth in this market.

AUDUSD- The Aussie dollar is currently gaining strength, with a parabolic rise but steady momentum in its gains. We see this trend continuing and do not anticipate any significant pullbacks other than a potential correction.

NZDUSD- The Kiwi has risen to an 11-week high. Last week, the Reserve Bank of New Zealand cut its policy rate for the first time in four years and signaled more cuts ahead. Governor Adrian Orr also expressed confidence in the inflation outlook. In economic news, New Zealands trade deficit narrowed in July due to a faster rise in exports. Despite the rise, this gives markets an opportunity for traders to reposition themselves and sell at a premium.

EURUSD- Our next price target is 1.11386, and we expect the market to reach this level and potentially continue upward if there are no significant obstacles to the rate cut. Our reading remains unchanged from the previous analysis.

USDJPY- The Yen is expected to gain further strength. However, the price level at 146.512 presents significant challenges. Despite this, we continue to see potential for the market to drop further and see no reason for it not to do so.

USDCHF- As anticipated, the Franc gained strength yesterday, with momentum pushing prices lower as it dipped below a significant previous low. We expect further bearish momentum.

USDCAD- Major CAD news regarding the CPI is expected soon, which may influence future price action. We are watching closely to see how the markets respond.

COT Market Analysis

CAD - WEAK (3/5)

CHF - WEAK (3/5)

GBP - WEAK (3/5)

JPY - STRONG (5/5)

EUR - WEAK (3/5)

AUD - WEAK (3/5)

NZD - WEAK (3/5)

USD - STRONG (4/5)

SILVER - STRONG (3/5)

GOLD - STRONG (5/5)