Silver's price rally has stalled at a significant technical barrier around $61.85, a key Fibonacci retracement level. A confluence of bearish indicators, including declining volume and positioning below key moving averages, suggests sellers currently have the upper hand.
Energy services firm Baker Hughes has postponed its weekly report on active North American oil and gas rigs, a key indicator for future production, without providing a new release date.
Senior U.S. officials state that Washington requires a public commitment from Tehran to cease all attacks on shipping in the strategic Strait of Hormuz, a critical chokepoint for global oil supplies.
President Donald Trump stated in a television interview that the critical Strait of Hormuz remains open to commercial traffic, aiming to soothe market concerns over recent attacks involving the U.S. and Iran.
U.S. Treasury yields climbed as investors anticipated a hawkish tone in the Federal Reserve's upcoming June meeting minutes, overshadowing a recent weak jobs report. European bond yields also rose on stronger economic sentiment.
Foreign exchange markets are on alert as a significant volume of option contracts, worth billions of dollars, are scheduled to expire on Wednesday, potentially influencing price action in pairs like EUR/USD and USD/JPY.
The historic surge in Japanese stocks is fueling yen selling as investors hedge their portfolios, a trend that will likely continue as long as equities rally, according to Citi analysts.
The Canadian dollar, or loonie, strengthened against its U.S. counterpart as a sharp increase in crude oil prices, a key Canadian export, fueled investor bets on a Bank of Canada interest rate hike.
The U.S. dollar reversed earlier gains driven by Mideast tensions after minutes from the Federal Reserve's June meeting revealed a more divided and cautious outlook on future rate hikes than investors had anticipated.
