Thursday, July 2, 2026.
The US Dollar Index is trading at 101.5, down for the third straight session as Fed tightening expectations cool. Despite the pullback, the dollar remains near its highest since early 2025, supported by a massive $36.4 billion long position – the largest since 2019.Key Levels:
- Support: 101.00 – 100.53 (20-day MA)
- Resistance: 101.80 – 102.00
Gold – Safe-Haven Demand vs. Dollar Pressure
Gold is trading at **$4,030/oz**, recovering from a multi-month low of $3,959. The metal suffered its worst quarterly drop since 2013, but geopolitical tensions (Iran's attack on US bases) have provided support above $4,000.Key Levels:
- Support: $3,959 – $3,900
- Resistance: $4,064 – $4,100
WTI Crude – Supply Recovery Outweighs Geopolitics
Key Levels:- Support: $68.00 – $67.85
- Resistance: $71.60 – $73.15
Equities – Mixed Signals from Asia
ASX 200: Fell 0.6% to 8,723, pressured by banks and healthcare. Key support at 8,670 (50-day MA). A break lower could accelerate losses.Shanghai Composite: Rose 0.44% to 4,112, driven by financials and agriculture as funds rotated out of tech. Range: 4,065 – 4,140.
Geopolitics – The Persistent Wildcard
US-Iran tensions remain high. Iran's attack on US bases has escalated risks, but diplomatic talks in Doha continue. Any breakdown could send gold and oil surging.Key Takeaways
- **Gold ($4,030):** Watch $4,000 – break below targets $3,959–$3,900; hold targets $4,064–$4,100
- **Oil ($69.00):** Range-bound $68.00–$71.60 – breakout needs catalyst
- DXY (101.5): Overextended – soft jobs data targets 101.00; strong data targets 101.80–102.00
