DBG Markets: Market Report for Jul 11, 2025

Market Analysis

GOLD

GOLD is currently testing the higher boundary of its range, extending the move up from the EMA200. We are seeing growth in buying volume from the MACD, and the RSI is nearing overbought levels. The best we can do now is wait to see how prices progress from this current level. It is important to note that the overall price action is still respecting the broader bearish momentum and structure.

SILVER

Prices are currently testing the previous high point. If the price succeeds in breaking through this high, we might see a continuation. However, if it fails, we will see a continuation of the consolidation. The MACD is showing stable growth in bullish volume, and the RSI also indicates increased bullish momentum. The overall price action is also maintaining its bullish momentum, albeit within a consolidated range.

DXY

The Dollar is finding growth from the EMA200, following through with our overall expectations. We expect to see further buying continue in the coming days, with the price now testing the 97.932 level and the MACD showing growth, although the RSI is close to overbought levels.

The fundamental landscape for the Dollar has become increasingly complex. In a major trade development, President Donald Trump announced a 35% tariff on Canadian imports starting August 1 and signaled plans for 15–20% blanket tariffs on most other trade partners. This follows earlier threats against Brazil and proposed duties on copper, semiconductors, and pharmaceuticals. These factors have contributed greatly to the strength of metals like GOLD and SILVER and other assets that prove to be a greater alternative to the Dollar.

Initially, these aggressive tariff announcements will give strength to the Dollar. However, the insecurity over how the economy will progress after these tariffs are imposed will likely hit the Dollar soon. Adding to the complexity, Trump also made an extraordinary call for a 300-basis-point cut in the Fed funds rate, which has fueled speculation about a more dovish Fed nominee next year and has raised concerns over longer-term inflation expectations.

GBPUSD

The Pound is following through on expectations and continuing lower. Prices are still pricing in further selling. The MACD and the RSI are indicating increased bearish momentum and volume, with more chances for a sell continuation. Thus, we continue to look for more bearish opportunities.

AUDUSD

The Aussie Dollar is gaining against the U.S. Dollar, proving that the market is hungry for riskier assets. The RBA has helped with the strength coming into the Aussie after their announcement to hold rates.

NZDUSD

The Kiwi is not reacting as aggressively as the Aussie Dollar. It is maintaining prices under the EMA200. Although there was some growth coming into prices from the 0.59796 level, we expect further selling to continue but will remain cautious of sudden turns. The MACD is showing bullish growth but it is slightly muted, suggesting a potential for a sudden downturn. The RSI is also indicating oversold levels, following through on the rise in bullish momentum.

EURUSD

The Euro is currently seeing increased selling movement. However, as we always say, it is still stuck within the consolidation zone. We will wait to see a clear break in price before calling for a definite market movement. The chances for it to break lower are high, given how the MACD and the RSI are reflecting bearish growth in momentum and volume.

USDJPY

The Yen is currently finding increased weakness after its initial wins against the Dollar [USD/JPY is rising]. This rise is within our expectations as it follows through with the overall price action sentiment. The MACD is showing bullish growth, but the RSI is indicating overbought levels. We anticipate further buying to continue and will wait for the downturn that could come from the RSI. It might even be one to three candles before a complete resumption of the rise.

USDCHF

The Franc is maintaining its strength and is consolidating further. While it showed weakness after reaching the bottom boundary, it is currently testing the high boundary of the range [on USD/CHF]. Thus, we will refrain from calling anything until a clear break of structure occurs.

USDCAD

The CAD is currently seeing further weakness against the Dollar [USD/CAD is rising] as tariff plans start rolling in. While the deadline is delayed further to August 1st, the new 35% tariff threat specifically targeting Canada creates increased chances for a buying continuation in USD/CAD. The MACD is muted, showing bearish volume despite the rise in prices, which indicates consolidation and insecurity about where to move prices. Thus, all we can do is wait for a definitive move to break above 1.37261. However, it is important to note that prices right now are seeing increased bullish momentum and volume.