Market Theme 

The dollar index firmed. On the data front, USD Initial Jobless Claims printed 199K, above forecasts. 

The dollar index bounced 0.29%; gold held a narrow range; U.S. indices broadly lower (the Dow declined 1.15%); in Europe the DAX traded flat, the FTSE 100 slipped modestly 0.17%; in Asia-Pacific the Hang Seng eased 0.63%, the Nikkei 225 was little changed, the ASX 200 rose modestly 0.57%, the China A50 firmed slightly 0.50%; crude jumped 3.22%. 

Market Recap 

Gold (XAUUSD) held a narrow range on Thursday, settling at 4,247.2, printing a fresh 10-day high along the way. The session produced no driver big enough to move the price — technical levels and positioning were in charge. Near term, the tape stays range-bound, waiting on a fresh catalyst. Initial resistance sits at 4300 (round-number handle), with support eyed at 4,208.08 (the upper Bollinger band it broke above). On the daily chart, the RSI reads 62, neutral-to-firm, with momentum intact. Tonight’s focus is USD Unemployment Rate: a dollar-positive outcome would keep gold on the defensive with the upper Bollinger band it broke above at 4,208.08 the level to hold, while a dollar-negative print puts the 4300 handle back in play. Overall, the two sides are evenly matched and the tape reads as coiling for its next move. 

U.S. crude (USOIL) extended its advance on Thursday, settling at 77.487, sharply higher by 3.22% on the day. Notably, U.S. crude closed higher despite the firmer dollar — a sign of resilient underlying demand. Brent crude jumped 3.87%, in the same direction. Initial resistance sits at 79.016 (the 5-day moving average), with support eyed at 73.637 (the lower Bollinger band). Near term, the bounce is young — reclaiming the moving averages it lost is the bulls’ first test; watch whether the 5-day moving average at 79.016 gives way. On the daily chart, the RSI reads 49, neutral, offering little directional signal. Overall, the trend itself still points up and the debate is about pace rather than direction, though upside stays capped until the 5-day moving average at 79.016 clears decisively. 

The Dow (DJ30) came under pressure on Thursday, settling at 53,978.0, softer by 1.15% on the day. Price action carries a risk-off undertone — a headwind for the index complex. Initial resistance sits at 54,169.19 (the upper Bollinger band), with support eyed at 53,679.98 (the 5-day moving average). Near term, the pullback is still holding above its main moving averages — closer to consolidation than reversal; watch whether the 5-day moving average at 53,679.98 holds. On the daily chart, the RSI reads 62, neutral-to-firm, with momentum intact. Overall, the soft picture holds, and any stabilisation will need both volume and time to confirm, though support near the 5-day moving average at 53,679.98 can still spark a bounce. 

Key Levels 

XAUUSD — resistance 4300 (round-number handle) / 4,265.12 (10-day high); support 4,208.08 (the upper Bollinger band it broke above) / 4,132.15 (the 5-day moving average) 

USOIL — resistance 79.016 (the 5-day moving average) / 81.204 (the 10-day moving average); support 73.637 (the lower Bollinger band) / 75 (round-number handle) 

DJ30 — resistance 54,169.19 (the upper Bollinger band) / 54,795.00 (10-day high); support 53,679.98 (the 5-day moving average) / 53,005.89 (the 10-day moving average) 

Economic Calendar Recap & Preview 

Today’s focus: USD Unemployment Rate at 08:30 EDT (U.S. Eastern) 

Why it matters: for a fresh read on the U.S. labour market and, through it, the dollar and rate expectations 

Market consensus: forecast 4.2%, prior 4.2% 

What to watch: The market’s focus is USD Unemployment Rate — firm data would favour the dollar and put gold back on the defensive, with the upper Bollinger band it broke above at 4,208.08 the support to watch. For now, though, gold remains a tug-of-war inside its range, with neither side resolved. 

On the data front, USD Initial Jobless Claims printed 199K (prior 197K, forecast 196K), above forecasts; BRL BCB Interest Rate Decision printed 14.00% (prior 14.25%); AUD Trade Balance printed 1.929B (prior -3.018B, forecast 0.932B), above forecasts; EUR S&P Global Construction PMI printed 44.3 (prior 42.8). Looking to the next 24 hours (Fri 07 Aug 2026), the high-impact calendar carries USD Unemployment Rate at 08:30 EDT (U.S. Eastern) (forecast 4.2%, prior 4.2%) — likely to steer the dollar, gold and U.S. equity indices near-term; USD Nonfarm Payrolls at 08:30 EDT (U.S. Eastern) (forecast 41K, prior 57K); USD Average Hourly Earnings m/m at 08:30 EDT (U.S. Eastern) (forecast 0.3%, prior 0.3%).

Tick-volume data are not provided. Volatility can pick up quickly — please mind position sizing and risk management. This report is dated by its publication day (China time) and recaps the previous completed trading session. Server time is set to GMT+3 during U.S. Daylight Saving Time and GMT+2 during U.S. Standard Time.