Metals
Key Takeaways
- Nasdaq reaches new record highs driven by Nvidia and tech companies
- Nvidia becomes the first company in the world to reach a $4 trillion valuation
- Trump threatens new tariffs on Canada, Brazil, Japan, and other countries
- Bitcoin breaks new records above $118,000
- Gold remains below $3,350 as the US dollar strengthens. Silver breaks $37 per ounce
- OPEC+ increases production by 548,000 barrels a day, higher than expectations
US indices rise as Nasdaq and S&P500 reach new highs
U.S. Equities continued their gains during the week, with all major indices up. The S&P 500 rose to 6,290, Nasdaq was up to 22,916, and Dow Jones reached a high of 44,850. Strong economic data and job market numbers supported markets.
Large-cap tech companies, especially in AI and cloud infrastructure, led gains. Investors embraced the soft-landing narrative, with moderating inflation alongside continued growth, driving broad market buying.
Traders now focus on upcoming CPI and PPI reports to gauge Fed policy direction. While the Fed hasn’t committed to rate cuts yet, markets increasingly anticipate a cut by September. Equities continue to benefit from solid fundamentals, strong earnings expectations, and reduced global risks.
Nvidia reaches $4 trillion valuation, becomes the world’s most valuable company
Nvidia hit a $4 trillion market cap on July 9, 2025, peaking at $164.42 per share the next day, surpassing Apple and Microsoft. This represents a 1,350% gain since October 2022, fueled by AI GPU dominance and Blackwell platform adoption. Despite China export constraints, investors remain optimistic due to strong Q1 revenue (+69% YoY, $44B+) and analyst projections of $200-250 per share, potentially reaching $4.9-6 trillion valuation.
Oil prices rise for the second week in a row despite OPEC+ production increase
Oil prices stayed stable this week, with Brent crude up 1.89% to $68.84/barrel and WTI at $66.34.
Traders assessed OPEC+’s August production increase of 548,000 barrels per day, the fourth consecutive monthly rise this year, signaling confidence in global demand recovery. Analysts warn supply might outpace demand by Q3/Q4 if Chinese and Eurozone economies remain sluggish. Near-term fundamentals remain tight, especially in Asia where Saudi Arabia is increasing crude shipments to China.
Looking ahead, OPEC+’s August meeting will evaluate recent production increases and determine future output decisions. If inventories rise faster than expected, the group may slow or pause further increases.
Gold struggles to break above $3,350 while silver jumps above $37 an ounce
Gold prices traded between $3,280-$3,350 this week as mixed signals kept sentiment subdued. The precious metal lacked momentum despite market uncertainties and Trump’s tariffs, primarily weighed down by a stronger U.S. dollar following positive economic data.
Investors await U.S. inflation data next week and Fed policy, with officials maintaining their commitment to current rates until inflation consistently progresses toward the 2% target.
Long-term fundamentals regarding gold remain intact despite short-term weakness.
Key Economic Data of the week
- Reserve Bank of Australia keeps interest rates unchanged at 3.85% despite expectations of a rate cut
- Producer Price Index in China drops to -3.6% in the month of June on a yearly basis
- Reserve Bank of New Zealand keeps interest rates unchanged at 3.25% in line with expectations
- Unemployment claims in the drop to 227K, better than expected
- UK Gross Domestic Product contracts again in May by -0.1%
Major Economic Calendar Events for the Upcoming Week
| Date | Metric | Country | Previous | Time [Dubai] |
| Monday, 14 July | Producer Price Index (PPI) | Switzerland | -0.50% | 10:30 AM |
| Tuesday, 15 July | Consumer Price Index (CPI) | y/y | Canada | 2.60% | 4:30 PM |
| Consumer Price Index (CPI) | y/y | USA | 2.40% | 4:30 PM | |
| Wednesday, 16 July | Consumer Price Index (CPI) | y/y | UK | 3.40% | 10:00 AM |
| Producer Price Index (PPI) | m/m | USA | 0.10% | 4:30 PM | |
| Thursday, 17 July | Unemployment Rate | Australia | 4.10% | 5:30 AM |
| Retail Sales | m/m | USA | -0.90% | 4:30 PM | |
| Friday, 18 July | Consumer Sentiment | USA | 60.7 | 6:00 PM |
| Inflation Expectations | USA | 5.00% | 6:00 PM |
Technical Analysis and Forecast:
Gold prices are fluctuating with slightly bullish momentum.
Price is hovering just above the 30-period MA, showing weak bullish continuation. MACD is slightly below the signal line and close to zero, neutral to slightly bearish momentum. After peaking at around $3500, the price is consolidating with minor upward attempts on the daily chart.
Bullish strength appears to be fading, but not completely reversed yet.
Gold (XAUUSD) Daily Chart
| Resistance | $3,361 – $3,368 | $3,393 – $3,400 | $3,442 – $3,451 |
| Support | $3,282 – $3,284 | $3,246 – $3,251 | $3,192 – $3,204 |
Bitcoin shows a very strong bullish trend on the daily chart after reaching an all-time high. Price is still moving above all moving averages, with short-term moving averages MA(5) and MA(10) slopping upward.
MACD still shows strength as the MACD signal line is moving upward. Watch out for a correction towards the dynamic support levels of the moving averages before it spikes again.
Bitcoin (BTCUSD) Daily Chart
| Resistance | $118,522 – $118,624 | $119,021 – $119,761 | $120,000 – $120,105 |
| Support | $113,189 – $114,212 | $110,722 – $110,214 | $109,223 – $109,431 |
The overall trend on Nasdaq is still bullish but showing weakness after breaking new all-time highs. Price is still above 30-period moving average, but consolidating after hitting 22,937.
MACD histogram is declining and is close to a bearish crossover.
The overall upside rally remains intact, but momentum is slowing. Caution is advised until fresh volume or breakout appears above the recent highs.
Nasdaq Daily Chart
| Resistance | 22,911 – 23,014 | 23,216 – 23,315 | 23,471 – 23,561 |
| Support | 22,649 – 22,651 | 22,583 – 22,613 | 22,374 – 22,430 |
As the US dollar strengthens, the EURUSD pair shows fluctuation and minor drop during the week. Price dropped below moving averages MA(5) and MA(10) and currently heading towards the 30-day moving average where price might face a strong support.
MACD is declining, confirming the bearish correction.
Failure to close below the 30-day moving average on the daily chart indicates the uptrend is still active and price could revisit the recent highs.
EURUSD Daily Chart
| Resistance | 1.1748 – 1.1764 | 1.1790 – 1.1795 | 1.1829 – 1.1834 |
| Support | 1.1663 – 1.1674 | 1.1607 – 1.1632 | 1.1580 – 1.1591 |
