XAUUSD+ set for 5th weekly drop in past 6 weeks. What's next for Gold?



Gold is set for yet another weekly decline.



This week's sudden spike in geopolitical tensions sent oil prices higher which brought inflation risks back to the fore.

At the time of writing, gold is set for a weekly drop of over 1.6%.

If that holds, that would mark its 5th weekly drop over the past six weeks.



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Gold: Near-term Outlook



Beyond the ongoing Middle East conflict, look out for these major events next week, both set for Tuesday, July 14th:

• US June inflation data (CPI: consumer price index)

• Fed Chair Kevin Warsh's testimony before Congress

The US CPI print may be the next big catalyst for spot gold, especially if Chair Warsh sticks with his mantra of not giving much away by forward guidance.



POTENTIAL SCENARIOS



• UPSIDE: Lower-than-expected CPI figures, along with surprisingly "dovish" comments by Chair Warsh could help gold rebound. Spot prices would need to conquer the $4200 psychological level, also the previous cycle high, if bulls harbour any ambition to break out of its multi-month downtrend.



• DOWNSIDE: Gold could re-test the psychologically-important $4k level for immediate and critical support should Chair Warsh persist with his "hawkish" messaging, pressing home the idea that US interest rates are bound to move higher, along with higher-than-expected CPI figures. Also, spot gold may fall once more should geopolitical tensions escalate further and oil prices extend their rebound.

Should the $3900-$4000 region fail to hold, last year's price action suggests little friction for further downside till the $3500-$3600 region for spot gold.





3 Stocks to Watch (July 6-10): How did they perform?



1) SpaceX respects key support levels cited since July 6th



• What we wrote on Monday, July 6th:

"... may see SpaceX re-testing the $150 psychological support once more. Further declines should see SpaceX set a new post-IPO low towards its $135 IPO price."



• What happened: July 7-10

On July 8th, SpaceX posted a new post-IPO low of $145.37, lower than the intraday low of $145.92 posted on June 23rd.

Also in recent days, SPCXX/USDT has respected the $150 psychological level for support - as expected since the start of the week.



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2) SK Hynix respects $1300 level - as cited since Monday, July 6th



• What we wrote on Monday, July 6th:

"DOWNSIDE: Should the AI trade further unwind, this could sink SK Hynix down towards the 1300 level."



• What happened:

SK Hynix fell "towards the 1300 level", sinking as much as 19.35% from Monday's (July 6th) intraday high through Wednesday's (July 8th) intraday low, before rebounding.



Still, SK Hynix's ADRs (American Depository Receipts) are set to make its debut on the Nasdaq today (Friday, July 10th).

SK Hynix raised US$ 26.5 billion by offering its ADRs - making this the biggest ever first-time share sale in the US by a foreign company.

SK Hynix is about to claim the 3rd biggest listing in history, also beating Alibaba's US$ 25 billion offering back in 2014.



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3) Pepsico stocks gave something for everyone - bulls and bears



• What we wrote on Monday, July 6th:

"DOWNSIDE: Pepsico could erase its measly 0.5% year-to-date gain and fall to $138.90 (watch psychological support around $139) if its earnings outlook fails to offset concerns surrounding climbing input costs."



• What happened:

Such lacklustre results, despite the small beat on earnings per share (EPS), sent this stock sinking below the downside target and to its lowest prices since July 2025.



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This article is provided for general information and reflects the author's views only. It does not constitute investment advice, nor an offer or solicitation to buy or sell any financial instruments or digital assets. Your ability to access or use any products or services mentioned may be subject to the laws and regulatory requirements of your jurisdiction.