• Precious metals firmer (XAU +1.2%, XAG +2.3%) - light position-squaring after recent USD squeeze

• Reinforces the sense that near-term USD topside has run out of steam

• Risk-reward had become increasingly asymmetric, with post-FOMC USD buying looking stretched

• Initial topside resistance seen at 4136–4173 (200-hour MAs), key near-term pivot zone

• Break above opens a move towards 4373 (pre-Fed level)

• On the downside, 3960 remains first meaningful support

• Event risk ahead: Warsh at Sintra (Jul 1) and US payrolls (Jul 2) as next catalysts
USD GOLD


Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))