Gold rises on weak U.S. jobs data; AI earnings bolster Wall Street; BYD production declines
Gold rises on weak U.S. jobs data
Gold prices climbed almost 2%, touching a one‑week high after disappointing U.S. payrolls data increased expectations that the Federal Reserve may cut interest rates later this year. The U.S. president’s announcement of further tariffs also boosted the yellow metal’s safe‑haven appeal reuters.com. Spot gold crossed US$3 347.66 per ounce while futures settled at US$3 399.8 reuters.com.
AI earnings support Wall Street despite tariff concerns
With more than half of S&P 500 constituents having reported second‑quarter results, strong earnings from companies linked to artificial intelligence have shored up investor confidence. Data from LSEG estimates year‑on‑year earnings growth of about 9.8% in Q2, up from 5.8% on July 1 reuters.com. This momentum suggests the AI and technology sectors continue to drive broader market gains, even as tariff risks temper buying reuters.com.
BYD’s production declines for the first time in 16 months
Disclosures from Chinese automaker BYD show that production of its electric and plug‑in hybrid vehicles slipped 0.9% in July compared with a year earlier, ending a 16‑month run of growth reuters.com. BYD built 317 892 vehicles during the month while sales edged up 0.6% to 344 296 reuters.com, suggesting the company is slowing its expansion after becoming the world’s largest EV manufacturer.
Forex and Commodities Signals
IST Markets summarises the latest moves for key currency pairs and commodities, with support and resistance levels and a quick read on the technical indicators. The values below reflect the previous session’s close.
| Pair/Asset | Latest movement | Technical indicator | Support | Resistance |
|---|---|---|---|---|
| USD/JPY | The pair fell 2.2% in the last session | The Ultimate Oscillator points to a positive trend | 142.48 | 153.41 |
| GBP/USD | The British pound rose 0.5% versus the dollar | The MACD is in positive territory | 1.3004 | 1.3519 |
| EUR/USD | The euro gained 1.4% | The Williams oscillator signals overbought conditions | 1.1245 | 1.1863 |
| AUD/USD | The Australian dollar advanced 0.7% | The Williams indicator remains in positive territory | 0.6357 | 0.6581 |
| BTC/USD | Bitcoin jumped 1.4% | The Ultimate Oscillator suggests a bearish trend | 110 056 | 118 336 |
| XAU/USD (Gold) | Gold rose 2.1% after a mid‑session drop of 2.4% | The Williams oscillator indicates overbought conditions | 3 226.3 | 3 472.3 |
| XAG/USD (Silver) | Silver increased 0.7% after an intraday decline of 1.9% | The ROC (Rate of Change) is positive | 35.644 | 38.273 |
| WTI/USD (Crude oil) | WTI crude fell 3.2% | The Stochastic indicator gives a bullish signal | 63.281 | 70.722 |
Stock Signals
| Stock | Latest movement | Technical indicator | Support | Resistance |
|---|---|---|---|---|
| Tesla | Tesla shares slipped 1.8% | The Stochastic indicator is bullish | 285.71 | 320.16 |
| Amazon | Amazon stock dropped 9.0% | The Williams oscillator is positive | 203.92 | 226.81 |
| Apple | Apple shares fell 2.5% | The ROC is positive | 185.97 | 222.22 |
| Meta | Meta stock declined 3.1% | The ROC is positive | 720.83 | 782.91 |
| NIO | NIO shares climbed 2.7% | The Ultimate Oscillator signals a bearish trend | 4.4766 | 5.4665 |
Upcoming Economic Events
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U.S. Factory Orders: Measures the total value of new orders for both durable and non‑durable goods. Released at 14:00 GMT, it offers insight into industrial activity and inflation pressures.
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6‑Month and 3‑Month T‑Bill Auctions: The U.S. Treasury announces the average yields for short‑term bills at 15:30 GMT. Lower yields often indicate strong demand and risk aversion among investors.
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Spain Unemployment Change: Released at 07:00 GMT, this statistic tracks changes in the number of registered unemployed. A rise typically dampens consumer spending.
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Bank of Japan Monetary Policy Meeting Minutes: Published at 23:50 GMT, these minutes reveal policymakers’ assessment of the economy and guidance on future monetary policy.
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BRC Like‑For‑Like Retail Sales: Issued by the British Retail Consortium at 23:01 GMT, the report monitors retail sales growth among participating retailers.