The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
As global markets seek fresh cues on the trajectory of monetary policy, commodity prices have retreated amid a climate of caution. WTI Crude Oil extended its losses to trade below the $70 per barrel mark, while Gold faced significant technical resistance at the $4,200 level. These movements come as traders await the US Non-Farm Payrolls (NFP) data to gauge economic health, while the USD/JPY pair held gains above 162.50 before experiencing a minor pullback according to reports.
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Sign InThis selling pressure occurs against a backdrop of mixed US economic data, where previous figures showed GDP growth at 2.1% for Q1 2026, exceeding the 1.6% forecast per market data. Simultaneously, the Super Core PCE inflation index recorded a 3.94% year-over-year increase in June, bolstering the Dollar's strength and placing additional weight on dollar-denominated assets like Gold and Oil, especially as uncertainty persists regarding the pace of interest rate cuts.
Looking ahead, traders are monitoring support levels for Oil near recent lows, with the NFP report serving as the primary catalyst for the next move. According to economic calendar data, upcoming inflation and consumer sentiment releases will likely heighten market volatility. Investors should keep a close watch on USD/JPY at its current elevated levels, as any surprises in employment data could lead to a sharp repricing of the Greenback.