Amillex Daily Market Commentary | Stronger DXY Limits Gold Gains, Supply Recovery Drags Down Oil Prices

July 7, 2026 — Global commodity markets broadly exhibited a volatile and slightly weak pattern today. During the Asian early trading session, spot gold traded within a narrow range around $4,164/oz. As market participants remain divided over the future policy paths of major central banks, the US Dollar Index (DXY) edged higher, exerting technical pressure on precious metals. This slowed down the upward momentum of gold following last week’s non-farm payrolls (NFP) driven rebound, noticeably capping short-term gains. Currently, institutional funds are generally waiting for the upcoming heavyweight meeting minutes, leaving both bulls and bears in a strong wait-and-see stance at current price levels.

In contrast, the energy market slid amid structural pressures from both the supply and demand sides. Major oil-producing countries significantly slashed their Official Selling Prices (OSP), while shipping routes and crude oil exports showed further signs of recovery, fundamentally easing previous supply-tightness anxieties. Although traditional channels continue to regulate production to stabilize the market, the phase-specific recovery on the supply side has gradually repaired previous tight-balance expectations. Deprived of its premium support, crude oil prices continue to face a short-term tug-of-war between weak demand and rising supply.

Analyse fondamentale et de la performance des actifs

1. Marché boursier américain

Performance de l'indice

Indice industriel Dow Jones (DJI): Fermé à 53,061.30. Up 156.02 points, or 0,29% intraday. The index demonstrated robust price resilience above the 53,000 threshold. Against a backdrop of capital restructuring triggered by macro policy uncertainties, defensive value heavyweights again found favor with safe-haven capital, supporting a steady climb.
Indice S&P 500 (SP500): Stood at approximately 7,480 (7.48K). Up a marginal 0,01% intraday, remaining virtually flat. The market displayed distinct sector rotation characteristics; selling pressure on high-valuation tech stocks was offset by inflows into traditional value sectors, keeping the broader market in a sideways consolidation pattern near historical highs.
Indice Nasdaq 100 (NQ1 !): Fermé à 29,836.25. Down 104.75 points, or 0.35% intraday. As market expectations for the Federal Reserve’s interest rate path underwent a temporary correction, interest-rate-sensitive core tech assets faced technical profit-taking at recent highs, weighing down the tech-heavy growth index.

Points saillants de l'action

Tesla (TSLA): Fermé à $419.77. Surged 6.69% intraday against the broader trend, becoming the central focus of the session. Amid widespread pressure on tech equities, capital rotated heavily into leading hard-tech assets backed by specific fundamental tailwinds or industry catalysts, driving the stock price sharply higher.
Pomme (AAPL): Fermé à $312.66. Up 1.31%. Serving as a megacap moat, Apple reasserted its defensive liquidity premium advantage amid heightened market volatility, holding firmly above the $310 level.
Alphabet/Google (GOOGL): Fermé à $366.46. Up 1.82%. Continued monetization expectations for AI infrastructure and cloud businesses supported its relatively strong upward channel amidst divergent tech market performance.
Intel (INTC): Fermé à $122.20. Up 1.54%. The semiconductor sector witnessed structural divergence, with select names driven by cyclical and valuation-recovery logic attracting dip-buyers.
Amazon (AMZN): Fermé à $244.16. Up a modest 0,61%. Steady consumer spending data and the retail sector’s defensive attributes kept the stock within a tight range in a volatile market.

2. Marché des changes

Indice du dollar américain (DXY): Stood at 100.883. Up 0,03% intraday. The greenback was locked in narrow sideways trading just below the 101 mark. Although recent US economic data softened market pricing for a “Higher for Longer” rate environment, global macro uncertainties and central bank divergence continued to offer temporary liquidity support above the 100 psychological level.
USD/JPY: Stood at 162.174. Up 0,05% intraday. Downward pressure on the Yen showed no substantial relief, with the exchange rate hovering near historic highs around 162. Despite persistent risks of verbal intervention from Japanese officials, carry trade momentum continued to dictate capital flows, driven by the historic widening of the US-Japan interest rate differential.
EUR/USD: Stood at 1.14401. Flat (0,00%) intraday. A weak overall fundamental recovery in the Eurozone capped the Euro’s breakout potential while the DXY consolidated at high levels, keeping the pair locked in a tight tug-of-war above 1.14.

3. Métaux précieux et matières premières

Métaux précieux

Or au comptant (XAUUSD): Traded around $4,160.09/oz. Retreated slightly by $5.04, down 0,12% intraday. Gold prices faced temporary technical resistance within their high-level upward channel. While de-dollarization by global central banks and long-term inflation expectations provide a solid medium-to-long-term floor, a temporary easing of safe-haven sentiment and a stabilizing US dollar triggered mild profit-taking by bulls, pulling prices slightly lower.
Argent au comptant (XAGUSD): Traded at $61.9940/oz. Slid 0,08% intraday. Following earlier wide fluctuations, silver entered a sideways consolidation as the market digested shifting fundamentals. In the short term, its industrial demand outlook and safe-haven properties reached a fragile equilibrium around the $62 mark.

matières premières

Pétrole brut WTI (XTIUSD): Traded at $69.08/bbl. Rebounded 0,29% intraday. Influenced by potential geopolitical risks and potential disruptions from extended supply cuts, oil prices drifted toward the $70 resistance level. The market is currently repricing marginal improvements in energy supply-demand dynamics.

4. Actifs crypto et dynamique macroéconomique

Bitcoin (BTCUSD): Traded at $64,228. Rebounded slightly by 0,36% intraday. After enduring previous shakeouts and profit-taking pressures, Bitcoin is currently seeking support around its key technical pivot at $64,000. As a high-beta risk asset, its price action remains deeply dependent on shifts in macro liquidity and the inflow pace of institutional compliant capital.
Ethereum (ETHUSD): Traded at $1,807.40. Up 0,50%. ETH showed signs of a minor tracking recovery. However, in the absence of groundbreaking on-chain narrative catalysts or robust capital inflows, its elasticity remained relatively weak, keeping the overall price structure in a low-level consolidation phase.

5. Today Focus