Weekly Overview: XAUUSD, #SP500, #BRENT | 10 July 2026

XAUUSD: BUY 4175.00, SL 4140.00, TP 4280.00

Gold begins the week near a two-week high after softer US employment data. The market has reduced expectations of a further Federal Reserve rate hike, which has weakened the US dollar and eased pressure from US Treasury yields.

The minutes of the Federal Reserve’s June meeting will test this view. Lower energy prices may ease inflation concerns and, in turn, preserve a favourable backdrop for the metal. If expectations of a policy pause remain unchanged, XAUUSD is likely to retain support.

Trading idea: BUY 4175.00, SL 4140.00, TP 4280.00

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#SP500: BUY 7500, SL 7450, TP 7650

Softer employment data has reduced the likelihood of a near-term Federal Reserve rate hike and supported US equities at the start of the week. This is important for #SP500 through borrowing costs and expectations for future earnings, particularly in the technology sector.

The next focus will be the Federal Reserve minutes and the start of corporate earnings season. Lower oil prices may reduce inflation pressure, although elevated market valuations still require strong earnings results. If the current backdrop holds, the base case allows for further gains in #SP500.

Trading idea: BUY 7500, SL 7450, TP 7650

#BRENT: SELL 71.90, SL 73.00, TP 68.60

Brent begins the week below $72 per barrel after OPEC+ decided to raise its production targets from August. Oil flows through the Strait of Hormuz are gradually recovering, prompting the market to factor in an increase in available supply.

Geopolitical uncertainty may still trigger volatility, but the pace of export normalisation and US inventory data due on Wednesday will be more important. For now, rising supply is outpacing signs of stronger demand, leaving #BRENT biased to the downside.

Trading idea: SELL 71.90, SL 73.00, TP 68.60

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