DBG Markets: Market Report for Jul 25, 2025

Market Analysis

GOLD

Gold prices are little changed, testing key technical levels as expected. The price is currently at the confluence of the 200-day Exponential Moving Average (EMA200) and the upper boundary of its consolidation zone. While we expect an eventual move higher, sideways trading is probable today, being the last trading day of the week, barring any unexpected market-moving news.

SILVER

Silver prices remain in consolidation. We will wait for further price development, but our overall bias is still very bullish. Therefore, we will continue to look for buying opportunities.

DXY

The Dollar posted some gains after yesterday's session, reaching for the EMA200. This counter-trend rally is not unexpected and may persist through the end of the day. While technical indicators reflect these modest gains, with the RSI having normalized from oversold levels, our overall outlook for the dollar remains bearish, and we will continue to look for selling opportunities.

GBPUSD

The Pound retreated from its recent high, failing to sustain its bullish momentum. The EMA200 is now being tested as support. Depending on the market's reaction at this level, a continuation of the sell-off is possible. The MACD and RSI are both indicating significant selling pressure, suggesting further downside risk.

AUDUSD

The Aussie dollar, having already shifted to a bullish bias, is now experiencing a retracement. We remain cautious, as this could signal a continuation of the larger consolidation range rather than a setup for the next move higher. The MACD shows growing selling pressure while the RSI is approaching oversold levels. Despite this, the overall price action remains bullish, so we will continue to monitor for buying opportunities.

NZDUSD

The Kiwi is trading near the 0.60455 level. The technical picture is mixed: the MACD indicates selling, while the RSI is oversold. Notably, selling volume is higher than usual, yet the price itself remains muted. This suggests that buyers are absorbing the selling pressure, which is a sign of underlying bullish strength. We will continue to look for buying opportunities.

EURUSD

The Euro continues to test the upper boundary of its previous range, which is now acting as support. There appears to be bullish divergence; while the MACD indicates selling pressure, the price is not falling, and the RSI is registering increasingly oversold levels. This pattern suggests strong buying pressure is entering the market. With the bullish structure intact, we expect a buying continuation and will look for further opportunities.

USDJPY

The Yen has lost strength against the dollar (USD/JPY is rising). The MACD shows growing buying momentum, and the RSI has normalized. This shift is partly due to the recent U.S.-Japan trade deal, which has eased economic worries and encouraged a move into riskier assets, thereby lowering the Yen's safe-haven appeal. While our overall bearish bias on this pair remains, we are alert to the possibility of a more sustained bullish shift.

USDCHF

The Franc is testing the EMA200, as anticipated. Although the overall price structure remains bearish for this pair, the current upward move shows a lack of market conviction. The MACD and RSI indicate buying momentum, but the price action is muted. We interpret this lack of upward follow-through as a sign of buyer exhaustion, which could precede another wave of selling. We anticipate a sell-off continuation and will look for bearish opportunities.

USDCAD

The USD/CAD pair is currently approaching the EMA200. While a continuation lower is possible, we will wait to see how the price progresses at this key level before making a move. Our overall bias on this pair remains bearish.