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US Stocks Dragged Down by Tech; Gold Breaks Below $4,000

(By ATFX Analyst Team)

Key Takeaways

U.S. June retail sales growth slowed to a five‑month low, weighed down by falling gasoline prices. Initial jobless claims fell to 208,000, supporting the dollar. Equities weakened on valuation concerns in tech stocks, while gold broke below $4,000 amid Middle East tensions.

Today’s focus: Eurozone June CPI final, expected to hold at 2.8%. In the evening, U.S. data is concentrated: June industrial production is expected to accelerate slightly; June building permits and housing starts are likely mixed, with housing starts seen rebounding; July Michigan consumer sentiment prelim is expected to rise above 50, signaling improvement.

 

Global Market Review 17/07/2026

Tech valuation concerns resurfaced Thursday, dragging U.S. equities lower. Nasdaq ‑1.47%, Dow ‑0.2%, S&P 500 ‑0.51%.

The dollar rebounded from a one‑month low. Gold fell over 2% to two‑week lows, pressured by rising yields and oil prices amid escalating Middle East tensions.

Oil eased slightly but remained near highs since mid‑June.

 

Key Events Today:

  • 17:00 EU CPI YoY Final JUN **
  • 20:30 US Housing Starts JUN **
  • 20:30 US Building Permits JUN **
  • 21:15 US Manufacturing & Industrial Production MoM JUN **
  • 22:00 US Michigan Consumer Sentiment Prel JUL ***

 

Key Data and Events Coming Week

  • Monday: CN Loan Prime Rate, GERMANY PPI, CA CPI, US CB Leading Index
  • Tuesday: GB Unemployment Rate, EU ZEW Economic Sentiment Index
  • Wednesday: API/EIA Crude Oil Stock Change, GB CPI & PPI
  • Thursday: ECB Interest Rate Decision, US Initial Jobless Claims, ECB Press Conference, EU Consumer Confidence
  • Friday: JP/AU/EU/GB/US Manufacturing & Services & Composite PMI, JP CPI, US New Home Sales, US Kansas Fed Manufacturing Index

 

Markets Analysis 17/07/2026

20260717 EURUSD Keys Instruments

  • Resistance: 1.1473 / 1.1484
  • Support: 1.1414 / 1.1400

EUR/USD retreated below 1.1450 Thursday, ending a two‑day rally, as Strait of Hormuz tensions escalated and the dollar rebounded.

Analyst View: Pullback from one‑month highs shifts focus to support near 1.1400, defended by key MAs. U.S. data and Eurozone CPI will guide direction.

Bias: Short‑term correction

20260717 GBPUSD Keys Instruments

  • Resistance: 1.3537 / 1.3585
  • Support: 1.3377 / 1.3339

Sterling fell below 1.3500 on Thursday, retreating from May highs as the dollar strengthened, despite UK GDP rising 0.1% MoM.

Analyst View: Sustained trade below 1.3500 could trigger further selling. Watch 10‑day MA support near 1.3418.

Bias: Short‑term correction

20260717 USDJPY Keys Instruments

  • Resistance: 162.71 / 162.87
  • Support: 162.17 / 162.00

USD/JPY consolidated below 162.50 on Thursday after dollar gains. Japan’s finance minister reiterated readiness to act on FX volatility.

Analyst View: Technical signals suggest consolidation at elevated levels. Holding above 162 and key MAs is critical for maintaining a mild bullish bias.

Bias: Range consolidation

  • Resistance: 80.78 / 82.45
  • Support: 78.15 / 76.50

Oil briefly topped $80 Thursday before retreating, still near highs since mid‑June amid ongoing U.S. strikes on Iran.

Analyst View: Trading in a narrow range around $80. Awaiting headlines to break consolidation.

Bias: Consolidation

20260717 Spot Gold (XAU/USD) Keys Instruments

  • Resistance: 4043 / 4073
  • Support: 3943 / 3913

20260717 Spot Silver (XAG/USD) Keys Instruments

  • Resistance: 57.61 / 58.51
  • Support: 54.70 / 53.78

Gold fell below $4,000 Thursday as Middle East tensions fueled inflation fears and higher yields. Silver also weakened.

Analyst View: Watching support near $3,943 (late June lows) for bargain buying. U.S. data will provide key guidance.

Bias: Low‑level consolidation

  • Resistance: 52,831 / 53,070
  • Support: 52,068 / 51,833

Markets weighed U.S. spending data and Mideast tensions. Dow dropped on tech weakness.

Analyst View: Testing below 10‑day MA. Watch the 20‑day MA near 52,300 for support.

Bias: Short‑term pressured

  • Resistance: 29,132 / 29,272
  • Support: 28,681 / 28,544

Nasdaq dropped to one‑week lows on Thursday, dragged by semiconductor weakness and tech-valuation concerns.

Analyst View: Breaking below key MAs, targeting July 8 lows near 28,810. U.S. data will guide momentum.

Bias: Short‑term pressured

  • Resistance: 65,576 / 66,485
  • Support: 63,508 / 62,584

Bitcoin slipped Thursday, extending its retreat after hitting $65k earlier in the week. Risk sentiment weakened on tech losses and U.S.–Iran tensions.

Analyst View: Testing 10‑day MA support. A break lower would target the 20‑day MA near $62,600.

Bias: Weak trading

Enjoy trading! The content is for reference only. Please ensure that you understand the risk.

 

About the author

Martin Lam

 

Martin Lam is ATFX Chief Analyst for Asia Pacific, with over 20 years of experience in global forex and investment markets. He holds a degree in Finance and Economics from Deakin University and has held senior roles at leading FX brokerage firms.

More from Martin Lam

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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