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London Session Brief: Risk-On Equities, Gold Retreat, Crypto Selloff, July 31, 2026
Session Overview
The London session on July 31 is defined by a clear divergence: European and US equity futures are pushing higher on broad risk appetite, while gold is selling off sharply and the entire crypto complex is under sustained pressure. AUD is the dominant currency strength story, with the dollar showing modest intraday gains against safe-haven currencies but remaining in a broader downtrend on the daily timeframe.
Key Moves
- XAUUSD: Down -1.18% to 4,055.13. Gold is retreating sharply across all cross-pairs, with extreme bearish D1 momentum signaling a potential trend inflection after an extended bull run.
- BCHUSD: Down -4.89% to 206.05. Bitcoin Cash leads crypto losses with extreme bearish D1 momentum; the broader altcoin complex is following suit.
- USTEC: Up +0.86% to 28,439. Nasdaq futures are the standout equity performer, extending gains with extreme bullish D1 momentum and a confirmed developing trend.
- ETHUSD: Down -1.78% to 1,882.92. Ethereum continues to bleed alongside Bitcoin (-1.32%), with both showing extreme bearish D1 index readings despite still holding a bullish structural bias.
- AUDUSD: Up +0.04% to 0.70316. AUD is the session's strongest major currency, extreme bullish D1 momentum across AUD pairs confirms broad Aussie outperformance.
Notable Signals
The sole active signal is a NZDUSD BUY at entry 0.5877, currently carrying a marginal negative R of -0.07 with a maximum favorable excursion of 0.18, the position remains near breakeven and has not yet resolved. Confidence is rated at 0.74 with a quality score of 8.0, keeping the signal valid. EURUSD, GBPUSD, and NZDUSD are flagged as the best-quality forex setups by the market weather model, all showing Grade A confirmed trends with momentum alignment. Traders should monitor NZDUSD closely for a retest of entry as the pair holds its bullish trending structure on D1.
Risk Sentiment
Risk sentiment is broadly risk-on for equities, with the STOXX 50 (+0.68%), DAX (+0.48%), US30 (+0.58%), and USTEC (+0.86%) all advancing. However, the picture is mixed: gold's sharp decline could reflect either profit-taking after a prolonged rally or a genuine rotation out of safe havens, the extreme bearish D1 momentum across all gold crosses suggests the latter is gaining traction. Crypto weakness adds a cautionary note; digital assets are not participating in the equity rally, which may reflect selective rather than broad-based risk appetite.
Outlook
With the London session mid-way through, attention turns to any US data releases in the New York overlap that could validate or challenge the current equity bid. USDJPY at 159.976 bears watching, the pair is in a confirmed D1 bearish trend yet is ticking higher intraday, a divergence that could resolve sharply on any USD catalyst. Gold's break lower is the key macro development of the session; a close below 4,050 on the daily would reinforce the bearish D1 signal and open room for further downside. AUD strength looks durable given the breadth of confirmation across pairs, but the reversal verdicts on AUDUSD and AUDCHF from the strategy model suggest mean-reversion risk over the next 48 hours.
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