Evening Market Recap: 25 Jun 2026

Thursday delivered the week's pivotal data point, and the outcome was neither the validation nor the contradiction that the extremes of positioning had priced for. May PCE came in at 4.1% annually - the highest since April 2023, in line with consensus on the headline but with core nudging slightly above forecast at 3.4%. The monthly reading was one tenth below expectations, and that single decimal point was enough to trim September hike odds from 68% to 63% and give gold, silver, and EUR/USD the room to stage a partial recovery. Micron surged 17% on its blowout earnings, but Apple's decision to raise Mac and iPad prices by up to $300 to offset memory chip inflation dragged the Nasdaq lower, producing a genuinely split session. Gold held $4,000 for a second consecutive close and bounced toward $4,030. Silver rallied toward $59 before sellers returned at the resistance zone the morning's early warning had flagged. WTI extended below $70 for the fourth consecutive session. GBP/JPY recovered from early weakness after Rachel Reeves confirmed Burnham's commitment to UK fiscal rules, removing the acute morning catalyst for the sterling short. Heading into Friday, the $4,000 level in gold is the level that matters most: two holds define a pivot, and the University of Michigan sentiment data at 15:00 UK time is the next opportunity for the dollar to either reassert or retreat. The full briefing covers every instrument with intraday levels, morning call accountability, and specific positioning guidance for the weekend setup - available exclusively to Markets Mastered subscribers.