Friday's session was defined by what was absent rather than what arrived. With US markets closed for Independence Day, London traded without a New York handover, and the post-NFP repricing from Thursday simply continued in thin air. The dollar held below 101, gold extended its recovery toward $4,196 intraday - its first weekly gain in five weeks - and European equities reached fresh record highs, with the Stoxx 600 closing up 0.69% at a new 52-week high. The macro argument was clean: a 57,000-job June payrolls print has collapsed September rate hike odds from 67% to roughly 50%, and with no Fed speakers to push back and no US data due until Monday's ISM Services, the repricing ran unopposed. The level that mattered all day was $4,100 in gold. It was the morning's entry reference, and it held without ever being seriously tested on the downside, allowing the continuation to the $4,180-$4,200 target range.
The Khamenei funeral formally began today in Tehran, with the IRGC commander emerging publicly for the first time in months and the question of Mojtaba Khamenei's appearance still unanswered. Ceremonies run through July 9. Monday's ISM Services PMI is the first major data input ahead of the July 29 FOMC, and FOMC minutes land Wednesday. The next 72 hours carry geopolitical, monetary policy, and positioning risks simultaneously - and the full evening briefing has the levels, the correlations, and the precise frameworks for navigating each one.