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Tech Stocks Plunge, Gold Weakens, Dollar Gains

(By ATFX Analyst Team)

Key Takeaways

On Tuesday, global technology stocks fell sharply due to profit-taking and concerns over AI valuations. The Nasdaq and S&P 500 reached their lowest levels in over a week, affected by semiconductor losses. There are growing worries that earnings expectations for high AI supply-chain valuations may be maxing out.

Today’s focus: U.S. May new home sales will gauge the housing market’s resilience, as strong sales may indicate stabilization amid changing interest rates, benefiting the dollar. For tech stocks, Micron’s earnings will influence market sentiment.

 

Global Market Recap

  • Equities: U.S. stocks closed lower as tech shares sold off. Chipmakers retreated from record highs. Dow -0.09%, S&P 500 -1.4%, Nasdaq -2.2%.
  • Bonds: Treasury yields fell as equity weakness drove safe-haven demand.
  • FX: The dollar rose to its highest in over a year.
  • Commodities: Spot gold dropped 1.96% to $4,108.35/oz. Oil prices weakened further, tracking U.S.–Iran talks and shipping flows through the Strait of Hormuz.

 

 

Key Events Today:

  • 09:30 Australia May CPI **
  • 16:00 Germany June Ifo Business Climate **
  • 20:30 U.S. May Building Permits **
  • 22:00 U.S. May New Home Sales **
  • 22:30 EIA Crude Oil Inventories **

June 25 (GMT+8):

  • 09:30 Australia May Unemployment Rate **
  • 14:00 Germany July GfK Consumer Confidence **
  • 20:30 U.S. May Core PCE Price Index ***
  • 20:30 U.S. Q1 GDP Final ***
  • 20:30 U.S. Initial Jobless Claims ***

 

Markets Analysis 24/06/2026

20260624 EURUSD Keys Instruments

  • Resistance: 1.1411 / 1.1476
  • Support: 1.1361 / 1.1308

The euro weakened for a second day as the dollar surged to a one-year high on Fed rate expectations, despite stronger Eurozone PMI data.

Analyst view: Break below March lows near 1.1400 opens downside toward 1.1361/1.1308.

Bias: Under pressure at lows

20260624 GBPUSD Keys Instruments

  • Resistance: 1.3228 / 1.3246
  • Support: 1.3150 / 1.3132

Sterling paused after PM Starmer’s resignation eased political uncertainty, but dollar strength capped gains.

Analyst view: Trading within last week’s low range; risk of testing 1.3150/1.3132 if adjustment deepens.

Bias: Sideways at lows

20260624 USDJPY Keys Instruments

  • Resistance: 161.77 / 161.90
  • Support: 161.37 / 161.25

Dollar/yen held firm but range-bound as traders remain wary of possible government intervention.

Analyst view: Consolidating at highs, caught between USD strength and intervention risk.

Bias: High-level consolidation

20260624 US Crude Oil Futures (AUG) Keys Instruments

  • Resistance: 74.92 / 76.13
  • Support: 70.91 / 69.68

Oil extended losses as U.S.–Iran talks showed progress, boosting Strait of Hormuz shipping flows. Uncertainty over Iran’s nuclear program still provides partial support.

Analyst view: Prices remain pressured near March lows but decline is slowing; consolidation likely unless talks advance further.

Bias: Low-level consolidation

20260624 Spot Gold (XAU/USD) Keys Instruments

  • Resistance: 4161 / 4203
  • Support: 4023 / 3981

Spot Silver (XAG/USD)

  • Resistance: 62.98 / 64.15
  • Support: 60.33 / 59.13

Gold fell as risk-off sentiment from tech sell-off outweighed geopolitical easing and oil weakness.

Analyst view: Break below $4,100 expands downside channel; focus on $4,024 and $4,200 support zone.

Bias: Under pressure at lows

 

Dow Jones Futures (US30)

  • Resistance: 51866 / 52076
  • Support: 51404 / 51202

Semiconductor slump dragged the Dow lower, though support at the 10-day MA helped limit losses.

Analyst view: Holding in high-level range; expect continued sideways volatility.

Bias: Range-bound

 

Nasdaq Futures (NAS100)

  • Resistance: 29707 / 30065
  • Support: 29129 / 28839

Nasdaq fell 2.2% as semiconductors plunged nearly 8%.

Analyst view: Break below key moving averages confirms exit from high range; watch for further downside toward 29,000.

Bias: High-level correction

20260624 Bitcoin (BTC/USD) Keys Instruments

  • Resistance: 64137 / 65327
  • Support: 61252 / 60306

Bitcoin fell Tuesday, reversing weekend gains as worries about rising U.S. interest rates and institutional selling pressured cryptocurrencies, amid a global tech sell-off.

Analyst view: BTC/USD reached a low not seen since June 11 before recovering. Immediate support is below 62,000, with resistance between 63,700 and 64,000 where major moving averages cluster.

Bias: Under pressure

Disclaimer: This analysis is for reference only. Enjoy Trading!

 

About the author

Martin Lam

 

Martin Lam is ATFX Chief Analyst for Asia Pacific, with over 20 years of experience in global forex and investment markets. He holds a degree in Finance and Economics from Deakin University and has held senior roles at leading FX brokerage firms.

More from Martin Lam

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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