Market Theme
The dollar eased against most majors, lending the precious metals support. On the data front, USD JOLTS Job Openings printed 7.359M, above forecasts.
Market snapshot: gold +0.60%; the dollar broadly softer; U.S. indices broadly higher (the Dow +0.29%); in Asia-Pacific the Hang Seng +0.15%; crude +0.03%.
Market Recap
Gold (XAUUSD) ground steadily higher on Tuesday, settling at 4,054.8, up 0.60% on the day. The softer dollar backdrop keeps a floor under the metals. Initial resistance sits at 4100 (round-number handle), with support eyed at 4050 (round-number handle). Near term, the bounce is young — reclaiming the 21-day EMA is the bulls’ first test; watch whether 4100 gives way. The daily close is hugging the 21-day EMA — how price behaves around it bears watching. Into the next session, NZD Employment Change q/q is the cue to watch for direction in the kiwi. Overall, the upside structure is intact and sentiment leans constructive.
Silver (XAGUSD) ground steadily higher on Tuesday, settling at 58.143, up 0.90% on the day. The softer dollar backdrop keeps a floor under the metals. Near term, the bounce is young — reclaiming the 21-day EMA is the bulls’ first test. Initial resistance sits at 59 (round-number handle), with support eyed at 58 (round-number handle); watch whether 59 gives way. Overall, the upside structure is intact and sentiment leans constructive.
The Dow (DJ30) closed firmer on Tuesday, settling at 53,286.9, up 0.29% on the day. Intraday trade printed a fresh 10-day high — momentum is doing the talking. Near term, momentum favours buyers, with dips so far leaving the uptrend intact. Initial resistance sits at 53500 (round-number handle), with support eyed at 53000 (round-number handle); watch whether 53500 gives way. Price is pressing the upper Bollinger band, testing the top of its recent volatility envelope. Overall, buyers keep the initiative and the firmer tone can extend until a fresh macro driver lands.
Key Levels
XAUUSD — resistance 4100 (round-number handle) / 4,141.0 (10-day high); support 4050 (round-number handle) / 3,995.9 (10-day low)
XAGUSD — resistance 59 (round-number handle) / 60.077 (10-day high); support 58 (round-number handle) / 56.556 (10-day low)
DJ30 — resistance 53500 (round-number handle) / 53,310.9 (session high); support 53000 (round-number handle) / 51,574.0 (10-day low)
Economic Calendar Recap & Preview
Today’s focus: NZD Employment Change q/q at 01:45 server time — the market is waiting on it for a fresh read on the New Zealand labour market and, through it, the kiwi and rate expectations, and for direction in the kiwi.
On the data front, USD JOLTS Job Openings printed 7.359M (prior 7.594M, forecast 6.948M), above forecasts; JPY 10-Year JGB Auction printed 2.840% (prior 2.729%); EUR Unemployment Change printed 19.517K (prior -28.739K, forecast -50.784K), above forecasts; BRL FIPE CPI m/m printed -0.03% (prior 0.18%, forecast 0.31%), below forecasts. Looking to the next 24 hours (Wed 05 Aug 2026), the high-impact calendar carries NZD Employment Change q/q at 01:45 server time (forecast 0.2%, prior 0.2%) — likely to steer the kiwi near-term; USD ADP Nonfarm Employment Change at 15:15 server time (forecast -12K, prior 98K); USD S&P Global Services PMI at 16:45 server time (forecast 52.7, prior 51.2); USD ISM Non-Manufacturing PMI at 17:00 server time (forecast 54.3, prior 54.0).