DBG Markets: Market Report for Jul 01, 2025

MARKET ANALYSIS

GOLD

GOLD prices found significant buying after failing to break below the 3,260.22 level. The price is now nearing the EMA200. The MACD is finding increased bullish volume while the RSI is normalizing the buying momentum. This shows that strength is coming into Gold prices and a possible larger consolidation zone might be forming. However, as long as prices respect the established boundaries, we will retain our expectations of an overall selling momentum in the broader trend.

SILVER

SILVER prices are consolidating. The market is still second-guessing how the price will progress. The MACD and the RSI are showing clear signs of continued consolidation. We will not call for a specific market movement until we see a more definitive break of the current structure.

DXY

The Dollar is finding increased selling momentum and volume, with the MACD and the RSI reflecting this increase. Markets are currently selling the Dollar as they grasp for clues on how the Fed will manage rates, which will depend on how U.S. data progresses, including the key ISM Manufacturing PMI report scheduled for release later today. We anticipate further selling in the coming days as the overall price action remains bearish. This will be the case until we find a definitive break of the established bearish structures.

GBPUSD

The Pound is currently consolidating, with prices stuck between two boundaries. The MACD is finding increased bullish volume, while the RSI is also looking to push prices further with strong bullish momentum. We are looking for more buying opportunities in the Pound.

AUDUSD

The Australian Dollar is finding increased bullish movement, with prices breaking through relevant structures. The 0.65250 level is holding prices up, and the EMA200 is also acting as strong support. Both the MACD and the RSI are reflecting an increase in bullish momentum and volume. Further buying is anticipated and will be looked for in the coming days.

NZDUSD

The Kiwi is currently seeing further buying strength. Prices are about to break above the 0.60954 level. The MACD and the RSI are also reflecting strong buying momentum and strength. We anticipate further buying to continue in the coming days.

EURUSD

The Euro has broken upward from its market squeeze and is now looking to buy further in the coming days. The MACD and the RSI are also reflecting strength in the bullish momentum and volume. Thus, we will continue to confidently look for more buying opportunities. The chance for a deeper retracement toward the EMA200 does exist—and so while we are confident that further buying will continue, we will remain conservative.

USDJPY

The Yen is finding increased selling momentum and volume [for USD/JPY], with the MACD and the RSI reflecting this increase as prices test the 141.442 level. This strength in the Yen comes as President Donald Trump threatened fresh tariffs on Japan, criticizing the countrys reluctance to import American rice. He also confirmed that the 25% tariff on Japanese auto imports would remain in place due to the persistent trade imbalance. These remarks are particularly significant as they come ahead of the key July 9th deadline for the tariff grace period, with markets closely watching whether Japan can secure a trade agreement with Washington to avoid the reimposition of tariffs.

USDCHF

The Franc continues to drop [USD/CHF is falling] as we expected, acting as an effective safe-haven alternative to the Dollar. The MACD is finding increased selling momentum, and the RSI indicates further selling pressure. We anticipate this trend will continue in the coming days.

USDCAD

The CAD is currently finding increased bearish momentum and volume [for USD/CAD] as reflected in the RSI and the MACD. The overall shift to a bearish trend is being followed through, as previously called, with prices breaking the low of the previous pivot point. Prices are expected to continue bearishly in the coming days as renewed worries about U.S. tariffs weigh on global economies.