πŸ“Š Market Snapshot

  • Spot Gold (XAUUSD): 4150.58 (-0.58%) β€” High 4202.79, Low 4144.81, under pressure
  • WTI Crude (USOIL): 68.48 (-0.90%) β€” High 69.47, Low 68.09, weak and choppy

πŸ”₯ Key News This Hour

πŸ‡ΊπŸ‡Έ JPMorgan Slashes Gold Price Target JPMorgan cut its Q4 gold target from $6000 to $4500, becoming the most cautious among major banks. However, it also noted gold is nearing a bottom. Spot gold hit a session low of 4144, resonating with the shift in institutional stance.

πŸ‡°πŸ‡· SK Hynix $29B US IPO SK Hynix will list on Nasdaq on July 10, raising $29 billion β€” potentially the largest foreign company IPO ever. The AI chip war is spilling into capital markets.

πŸ‡ΊπŸ‡Έ Trump Approval Drops to 36% Latest polls show 58% of voters believe the Iran operation was “not worth it.” $67B in new military spending and high oil prices continue to drag on approval ratings, improving Democratic midterm prospects.

πŸ‡―πŸ‡΅ Yen Outlook Deeply Divided USD/JPY climbed back above 162. A former Japanese FX policy chief believes fair value is around 130, warning markets not to underestimate intervention risk. Nomura and BofA both closed EUR/GBP shorts.

πŸ‡¬πŸ‡§ Pound Defies Headwinds Sterling rallied against multiple headwinds, leading G10 currencies. Institutions betting on pound weakness were caught offside.

πŸ‡¨πŸ‡³ Xin Fengming H1 Profit Expected to Double Xin Fengming forecasts H1 2026 net profit of 1.38–1.5 billion yuan, up 94.59%–111.51% YoY.

πŸ‡¨πŸ‡³ Gemdale Sales Continue to Slide H1 cumulative contracted sales reached 9.53 billion yuan, down 44.43% YoY. June alone fell 45.16% YoY.

πŸ‡·πŸ‡Ί Russia Summons Swedish Ambassador Russia’s Foreign Ministry summoned the Swedish ambassador, escalating diplomatic tensions.

🧭 Assessment

Gold faces multiple headwinds: JPMorgan’s target cut, a strong dollar, and fading geopolitical premiums. However, the 4140–4150 zone shows clear technical support β€” excessive shorting is not advised.

Crude oil hovers near $68, with the Iran situation failing to provide sustained premium. Demand-side concerns remain the primary drag.

SK Hynix’s IPO will be the week’s biggest capital markets event. The $29B raise will test market liquidity, particularly the fund-siphoning effect on the broader semiconductor sector.

China’s A-share market enters peak H1 earnings season. Cyclical bright spots like Xin Fengming contrast sharply with real estate laggards like Gemdale, widening sector divergence.

Extreme moves in GBP and JPY warrant close monitoring β€” sterling’s counter-trend resilience may embed yet-unpriced positives, while yen intervention risk at the 162 level cannot be ignored.

⏰ Upcoming Key Data

  • 17:00 CST Eurozone May PPI MoM & Retail Sales MoM