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Tech Stocks Lead U.S. Equities Higher; Gold Stalls at $4,200

(By ATFX Analyst Team)

Key Takeaways

U.S. equities rallied Monday after the holiday, led by technology stocks. The Dow Jones set fresh intraday and closing record highs. Gold stalled at $4,200, halting its recent rally, while oil prices remained under pressure in a narrow range.

Germany’s May industrial production is in focus. Another decline would signal ongoing weakness in the Eurozone’s largest economy.

 

Global Market Review 07/07/2026

Optimism around artificial intelligence boosted U.S. equities, with the S&P 500 and Nasdaq closing sharply higher. Broadcom and other chip stocks advanced. The Dow gained 0.3%, the S&P 500 rose 0.7%, and the Nasdaq climbed 1.1%.

U.S. Treasury yields edged lower, and the dollar index closed at 100.86. Spot gold settled at $4,163.98 per ounce, down 0.3%, after touching its highest since June 22 intraday. OPEC+ agreed to raise output from August, leaving oil prices under pressure at recent lows.

 

Key Events Today:

  • 14:00 EU GERMANY Industrial Production MAY **
  • 20:30 US Balance of Trade MAY **

July 8（GMT+8）

  • 00:00 EIA Monthly Oil Market Report **
  • 04:30 API Crude Oil Stock Change ***
  • 10:00 RBNZ Interest Rate Decision ***
  • 11:00 RBNZ Press Conference ***
  • 22:30 EIA Crude Oil Stock Change **

 

Markets Analysis 07/07/2026

20260707 EURUSD Keys Instruments

  • Resistance: 1.1474 / 1.1509
  • Support: 1.1396 / 1.1360

EUR/USD recovered from early weakness Monday, closing slightly higher to extend its three-day rally. Trading remained subdued for a second day.

Analyst View: Price continues consolidating between the 10‑ and 20‑day MAs. Germany’s industrial output may provide short‑term direction.

Bias: Range trading

20260707 GBPUSD Keys Instruments

  • Resistance: 1.3461 / 1.3498
  • Support: 1.3339 / 1.3302

Sterling extended its seven-day winning streak Monday, closing at its highest since June 17 and edging toward 1.3400 this morning.

Analyst View: A break above 1.3400 would open further upside, with mid‑June highs as the next resistance.

Bias: Short‑term bullish

20260707 USDJPY Keys Instruments

  • Resistance: 162.85 / 163.23
  • Support: 161.58 / 161.20

After two days of gains, USD/JPY partially retreated in Tuesday’s Asian session as traders remained wary of possible Japanese intervention.

Analyst View: USD/JPY broke above the 10-day MA but is now retesting support. A rebound targets last week’s highs; a drop shifts focus to the 20-day MA.

Bias: Mild rebound

20260707 US Crude Oil Futures (AUG) Keys Instruments

  • Resistance: 69.78 / 70.42
  • Support: 67.69 / 67.05

Oil prices remained under pressure Monday as investors assessed OPEC+’s latest output decision, holding near recent lows.

Analyst View: Prices remain capped below the 10‑day MA but supported above recent lows, keeping trade confined to a narrow range.

Bias: Low‑range consolidation

20260707 Spot Gold (XAU/USD) Keys Instruments

  • Resistance: 4180 / 4221
  • Support: 4082 / 4049

20260707 Spot Silver (XAG/USD) Keys Instruments

  • Resistance: 64.09 / 65.43
  • Support: 58.30 / 56.91

Gold fell Monday despite a softer dollar, ending its three-day rally and facing resistance near $4,200.

Analyst View: Prices retreated from highs since June 22, testing the 20‑day MA this morning. A break lower would target the 10‑day MA; holding support could allow another attempt at $4,200.

Bias: Short‑term correction

20260707 Dow Jones Futures Keys Instruments

  • Resistance: 53,410 / 53,612
  • Support: 52,743 / 52,536

U.S. equities rebounded Monday, led by tech stocks. Cyclicals outperformed defensives, with the Dow surpassing 53,000 for the first time and setting a new record.

Analyst View: The Dow reversed early weakness to close higher, with bulls retaining momentum to target 53,410/53,612 resistance.

Bias: Bullish at highs

20260707 NASDAQ 100 Keys Instruments

  • Resistance: 29,770 / 29,983
  • Support: 29,252 / 29,082

Nvidia confirmed its server roadmap remains intact, while Broadcom extended its Apple chip partnership to 2031, boosting confidence in AI infrastructure investment. Nasdaq closed higher.

Analyst View: Nasdaq ended its losing streak, reclaiming key moving averages. Sustained gains could target last week’s highs.

Bias: Short‑term rebound

20260707 Bitcoin (BTC/USD) Keys Instruments

  • Resistance: 65,564 / 66,473
  • Support: 62,572 / 61,648

Bitcoin rose roughly 1.8% on Monday after U.S. President Donald Trump championed crypto in response to a reporter’s question about whether the asset might make its way into Trump accounts.

Bitcoin rose 1.8% Monday after President Trump voiced support for crypto. The asset rebounded after testing 10- and 20-day MA support, maintaining its upward streak and hovering near 64,000.

Bias: Mildly bullish

Enjoy trading! The content is for reference only. Please ensure that you understand the risk.

 

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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