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Two short session notes a day — metals at the European open, energies at the New York open. Written by the research desk, edited by a senior principal, published free for educational use.

— 08:00 GMTMetals session. Written by hand.

— 13:30 GMTEnergies session. Published free.

— The deskSame screens the majors see.

              
              TODAY · TUESDAY 01 JULY 2026
            

Two sessions published · Both notes verified by senior editor

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— MORNING SESSION

European Open · 12:30 PKT

GOLD · XAU/USD

Gold consolidates as dollar softens ahead of FOMC

Spot XAU trades around the 2,150 handle in early European hours, extending the range-bound consolidation established after last Friday\u2019s NFP print. A softer DXY has offered a tailwind, while 10-year yields drifted lower overnight.

— TAPE

› DXY: -0.24% overnight — small-cap USD softness

› US 10Y: 4.28% → 4.24% — modest bid at duration

› Physical demand: Asian PM buying remains firm

› Watch: FOMC minutes 23:00 PKT · CPI print Wednesday

— DESK VIEW

Structural bid intact. Prefer buying dips into 2,120–2,130 rather than chasing the top of the range. Stop below 2,105 (20-day MA).

Research Desk

EDITED BY R. PRINCIPAL

Educational use only · Not investment advice

— AFTERNOON SESSION

NY Open · 18:30 PKT

WTI · CL1! · USOIL

Crude bid on API draw, but OPEC+ overhang caps upside

WTI front-month recaptures the 78 handle after last night\u2019s API report showed a larger-than-expected inventory draw. The bid is real but modest — the market is still working through the June OPEC+ committee decision to keep output steady.

— TAPE

› API: crude -3.2M vs. -1.8M expected

› Product draws: gasoline -1.4M · distillates -0.9M

› Spread: WTI-Brent narrowed 20c to $4.40

› Watch: EIA official 20:00 PKT · Rig count Friday

— DESK VIEW

Neutral-to-constructive tactically. Structural view unchanged: 74–82 range holds through Q3 barring supply shock. Selling calls above 82 remains attractive for hedged corporates.

Research Desk

EDITED BY R. PRINCIPAL

Educational use only · Not investment advice

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