Amillex Daily Market Commentary | Gold and Crude Oil Pressure in Asian Session Amid USD Rebound and Geopolitical De-escalation

On Monday morning, August 3, 2026, during the Asian session, global financial markets experienced significant portfolio rebalancing. Spot gold traded around $4,066.85/oz. Bullish momentum was visibly suppressed and gains capped as the US Dollar Index rebounded strongly from its one-month low, coupled with a slight resurgence in market expectations for Fed rate hikes. Simultaneously, external tensions took a major turn after the US side announced over the weekend that it agreed to cancel related actions, with both parties resuming talks today. Consequently, safe-haven premiums rapidly evaporated.

The sudden cooling of tensions dealt a heavy blow to energy markets. WTI crude oil opened nearly 7% lower on Monday, briefly dropping below the $80 mark to $78.78/barrel before recovering to trade around $80.81/barrel. Overall, as hawkish Fed expectations resurface and tail-risk headwinds ease, the market faces short-term liquidity drawdowns. Traders should closely monitor upcoming negotiations and guidance from impending US macroeconomic data.

Asset Classes & Fundamental Analysis

1. US Stock Market

Index Performance

Dow Jones Industrial Average (DJI): 52,490.26 (+277.05 pts, +0.53%). Traditional industrial and defensive sectors rebounded steadily, maintaining a choppy upward trend above 52,000 points.
S&P 500 (SP500): 7,535.47 (+54.88 pts, +0.73%). Boosted by better-than-expected tech earnings, the index climbed steadily after breaking 7,500 points as market risk appetite surged.
Nasdaq 100 (NQ1!): 28,611.50 (+207.25 pts, +0.73%). Earnings releases from tech heavyweights drove a broader growth stock rally, with bulls remaining in full control.

Stock Highlights

Amazon (AMZN): $271.58 (+15.32% / +$36.08). Robust e-commerce and cloud computing results significantly boosted confidence in AI monetization and core resilience, drawing massive capital inflows.
Google/Alphabet (GOOG): $356.13 (+6.73% / +$22.47). Steady growth in advertising alongside capital expenditure efficiencies in AI propelled shares sharply higher.
Apple (AAPL): $308.91 (-7.35% / -$24.52). Diverged sharply from the broader tech rally as supply chain cost pressures and slowing hardware demand led to heavy capital outflows and consolidation.
Tesla (TSLA): $311.21 (+0.76% / +$2.36). Consolidated smoothly above the $310 level.
Intel (INTC): $90.20 (-1.02% / -$0.93). Competitive pressures in traditional chip business continued to cap valuation upside.

2. Foreign Exchange Market

US Dollar Index (DXY): 99.629 (-0.17% / -0.173 pts). The dollar stayed under pressure below 100 as mild macro data collided with rate-cut expectations, capping bounce potential.
EUR/USD: 1.15397 (+0.09% / +0.00103). Supported by dollar weakness, the Euro fluctuated gently above 1.15, though weak European fundamentals capped breakout potential.
USD/JPY: 156.232 (-0.77% / -1.220 pts). The Yen appreciated sharply on rising expectations of BOJ policy normalization and safe-haven inflows, pushing USD/JPY downward.

3. Precious Metals & Commodities

Precious Metals

Spot Gold (XAUUSD): $4,057.61/oz (+0.31% / +$12.445). Gold consolidated near highs above $4,000, anchored by expectations of declining real rates and sustained geopolitical demand.
Spot Silver (XAGUSD): $58.1975/oz (+0.98% / +$0.565). Silver continued to outperform gold, fueled by recovering industrial demand and bullish precious metal sentiment.

Commodities

WTI Crude Oil (XTIUSD): $80.77/bbl (-6.65% / -$5.75). Prices plunged as Middle East risk premiums faded, while supply-side output signals and slowing global manufacturing demand pushed oil down sharply to test the $80 handle.

4. Crypto Assets & Macro Trends

Bitcoin (BTCUSD): $63,226 (-0.43% / -$274). Range-bound near $63,000 as capital drawn toward US tech stocks left crypto market liquidity in consolidation mode.
Ethereum (ETHUSD): $1,871.53 (-0.63% / -$11.82). Mirrored market weakness, searching for local floor support below $1,900.

5. Key Events Today