DBG Markets: Market Report for Jun 02, 2025

Market Overview

GOLDGOLD prices remain consolidated, with prices situated on the EMA200 and the lower boundary of the consolidation barrier. The MACD and RSI are also currently indicating consolidation. We must await a significant shift or movement to identify the market's direction.

However, it is noteworthy that approximately two days ago (around May 30th), reports emerged of President Trump's new tariff threats, specifically plans to double tariffs on imported steel and aluminum to 50%, potentially effective around June 4th.

SILVERSILVER prices are currently showing increased chances for a continuation of the consolidation. We will refrain from calling a direction until a more definitive market movement is observed.

DXYThe Dollar is currently moving sideways, albeit with an inclination towards a bearish continuation, partly influenced by the aforementioned tariff concerns. The MACD and RSI are indicating good volume and momentum for a continued move lower. We anticipate further selling in the coming days.

GBPUSDThe Pound is supported by the EMA200, and the RSI indicates increasing bullish momentum. However, it is nearing overbought levels while prices are at the 1.34998 structural level. Consequently, there is a chance that prices may experience a temporary turnaround from this level before a continuation higher. Nevertheless, the MACD shows a healthy upward trend with good volume, signaling lows even as prices move up. Thus, we can anticipate further buying, as the overall price action also respects the bullish structure.

AUDUSDThe Australian Dollar is currently finding increased bullish movement after prices were supported by the 0.64086 level. We anticipate further buying to continue in the coming days, as the MACD and RSI indicate increased bullish volume and momentum. We will look for more buying opportunities in this market, as the overall price action continues to strongly respect the bullish structure.

NZDUSDThe Kiwi shows a clear rejection off relevant structures and is well-supported. The MACD also displays a very healthy sign of increased bullish volume. The RSI, however, is nearing overbought levels and might soon see a normalization of price momentum. Thus, while a good entry opportunity may arise, we are currently looking for more bullish opportunities.

EURUSDThe Euro has yet to break out of its consolidation zone and is again testing the upper boundary of its price levels. The MACD is showing some potential for bullish gains, but the RSI is approaching overbought levels. We will wait for a clearer market movement to determine a more certain market direction.

USDJPYThe Yen is currently showing increased chances for a bearish market continuation [USD/JPY rising] after multiple attempts to break above the EMA200 were rejected. However, we can also observe prices moving sideways, likely gauging the Dollar's performance in the coming days. Current uncertainty surrounding the Dollar might translate to more strength for the Yen [USD/JPY falling]. The MACD indicates increased bearish gains [for JPY, so USD/JPY downside], and the RSI also shows some normalization of selling momentum. We will wait for prices to break either the EMA200 or the 143.442 level before calling for a specific direction. Despite these shorter-term bearish signals [for USD/JPY], we maintain an overall bullish bias [for USD/JPY, likely longer-term], as the overall price action continues to respect the earlier bullish shift. Thus, we await clearer market movement.

USDCHFThe Franc finds more strength [USD/CHF falling] after the retreat from its high. However, price movement was consolidated after trading underneath the relevant price zone. The MACD and RSI are also steady in their bearish gains [for USD/CHF]. We must wait for a clearer market response and movement to decide on a market direction.

USDCADThe CAD is currently experiencing increased selling momentum and volume [USD/CAD falling], with the MACD and RSI indicating strong bearish gains for the pair (strength for CAD). This reflects growing strength in the Canadian dollar. This strength is partly due to a lessened outlook for an immediately dovish Bank of Canada (BoC), especially after Canada's Q1 2025 GDP came in hotter than expected at an annualized 2.2% (surpassing consensus around 1.7% and the BoC's own 1.8% projection), even if some of that strength was attributed to inventory building linked to U.S. tariff uncertainties. With the BoC expected to meet around June 4th, this recent data point makes an imminent rate cut less probable, though underlying domestic demand concerns and trade uncertainties may still open the door for cuts later in the year. We expect more strength for the Canadian dollar as prices [USD/CAD] fail to break above the EMA200, reinforcing bearish price expectations. This aligns with our previous outlook.