Most Read: 2026 US Dollar Forecast: How the Fed, Government Spending, and AI Will Drive VolatilityBitcoin (BTC/USD) has successfully rebounded, passing the important $93,000 price point that many market participants have been watching.Following a lackluster end to 2025, Bitcoin has started 2026 on the right foot. The worlds largest cryptocurrency by market capitalization has risen from around the 87500 mark to a high of 94295 over the first 5 days of the year. This is Bitcoins first real run toward the $95000 mark since mid-November. At the same time we heard today that Strategy, a major corporate holder of bitcoin, disclosed more purchases. In a Jan. 5 SEC filing, the company said it bought 1,283 bitcoin between Jan. 1 and Jan. 4 for $116.0 million and held 673,783 coins as of Jan. 4, with the purchases funded through an at-the-market share-sale program. Strategy also reported a $5.40 billion unrealized loss on digital assets for 2025 and said its U.S. dollar reserve was $2.25 billion.Despite the recovery, the rally is fragile and could be derailed if global conflicts worsen, causing investors to flee risky investments for safety.It is also vulnerable to new US economic data that might force interest rates and bond yields to rise unexpectedly.Meanwhile, the cryptocurrency market which trades 24 hours a day remains prone to sudden price drops caused by a lack of available buyers. This lines up with onchain data which showed that crypto trading volumes are at their lowest levels since late 2023.Technical Analysis - BTC/USD The confluence of positive structural and technical factors lends strong support to bullish forecasts heading into 2026.Looking at structure though (on the H4 chart), and price has just printed a higher high just shy of the key 95000 handle.This move sees the period-14 RSI enter into overbought territory with the likelihood of a potential pullback, growing.Bitcoin (BTC/USD) Four-Hour Chart, January 5, 2026 zoom_out_map Source: TradingView.com (click to enlarge) Dropping down a H1 chart and the pullback is already underway.Immediate support may be found at the 93000 handle before the 91800 and 90000 psychological handles come into focus.On the upside, the first hurdle would be consolidation above the 93000 mark with a break of the 95000 handle opening up a potential rally toward 100000.Bitcoin (BTC/USD) One-Hour Chart, January 5, 2026 zoom_out_map Source: TradingView Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Log in to today's North American session Market wrap for January 5 (2026!)Today marks the official beginning of 2026 trading as most traders return to their desks.The weekend began with a geopolitical shocker as the US officially captured Nicolas Maduro on Saturday, igniting explosive debates among economists, politicians, and market participants.After a positive weekly open for the US Dollar, flows quickly turned toward broad selling against virtually every other asset class.We are witnessing another wave of the Everything Rally in today's session to start the year with the Dow Jones leads US Indexes higher.However, when looking across stocks, currencies, and cryptos, the Canadian Dollar stands out as the only major loser. zoom_out_map Futures Market Heatmap – Source: Finviz The reason for this divergence is tied to the energy markets.For years, Canada has been the primary alternative for sourcing Heavy Crude after Venezuela closed its doors.US Gulf Coast refineries are specifically designed to process this heavier grade of oil. If the Venezuelan economy reopens, it could flood the market with competitive supply, severely hurting the prospects for Canadian energy companies.While the USD fades, commodities are soaring. Silver and Platinum are leading the complex, with both rising +6% on the session.With relatively light but dovish data releasing today, the path toward rate cuts appears to be getting smoother.However, traders will likely remain cautious until Friday's NFP report provides more clarity on the labor market.Stock Market Heatmap – Energy, Finance and Defensives dominate zoom_out_map Market Close Heatmap – Source: TradingView – January 5, 2026 Cross-Assets Daily Performance zoom_out_map Cross-Asset Daily Performance, January 5, 2026 – Source: TradingView Only the US Dollar finishes the session down.A very positive but surprising first official session to 2026 – With Bitcoin rebounding and Gold following closely, will this year be a mirror of last year?Surely not. But this surely is a familiar picture.A picture of today's performance for major currencies zoom_out_map Currency Performance, January 6, 2026 – Source: OANDA Labs The FX sessions has overall been a mixed one but on theme stands out:Risk-centric currencies are rising heavily at the cost of the US and Canadian Dollars.A look at Economic data releasing throughout this evening and tomorrow's sessions zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. The first trading week of 2026 starts with quite some heavy Euro-centric data, between some Inflation releases for Germany and the EU.Later in the US Session, expect a few speeches (which should be market moving) and US Composite PMIs.Who Are the Fed Speakers to Watch in 2026? A New Front-Runner for the Fed ChairThe evening session will also see the release of PMIs and more inflation releases (key report) for Australia.Safe Trades and Happy New Year!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

In case you missed it, some major geopolitical news arose over the weekend.After months of back-and-forth menaces, the US launched some proper attacks against Venezuela and captured its President, Nicolas Maduro.Debates are high in the impact on Markets.The overarching theme has been one of lower barriers for WTI Oil, hence higher supply, but prices have been moving (somewhat erratically) higher since.The most positive impact would be on US producers who will be able to leverage a bounce in profitability with cheaper access to Crude Oil. Keep an eye on the crack spread evolution (the gap between Crude Oil and refined Oil products like Gasoline or Diesel) as its growth could really launch a new golden age for US producers. zoom_out_map Crack Spread Chart (Refined Oil profitability) – Source: RBNenergy Keep an eye on whether it gets higher with Venezuela's events. The primary concern is whether Venezuela’s key partners, Russia and China, will ramp up their threats or let it slide. Any lack of real response could prompt further movement by the Trump Administration to operate in other countries, as recently suggested by President Trump.The immediate reaction, at least, has been one of confidence.The US Dollar has been rallying but at the same time, stocks, commodities, and metals are running higher. 2026 will be very interesting. Keep an eye on the geopolitical headlines, particularly as a possible revolution in Iran may generate further geopolitical volatility.In this piece, we will examine US Oil, a few individual stock names to watch in the Oil sector, and the impact on the Stock Market (Dow Jones). Discover:Asian stock markets shrugged off Venezuela's impact, WTI crude sold off, Gold rallied towards resistance, and the US dollar remained below resistanceWill the US Dollar make a comeback in 2026? DXY OutlookTop Economic and Geopolitical Themes to Watch for Markets and Traders in 2026US Oil 4H Chart Oil has been rebounding quite largely even after its Weekly open gap.It's been trading in a very constrained range, with its 4H 50 and 200-Moving Averages acting as resistance. But as uncertainty increases, the buying is gathering more momentum.The long-term July downtrend is holding for now so in case of a breakout above the MA, check out the $59 level (Channel Highs). zoom_out_map WTI Oil 4H Chart – January 5, 2025. Source: TradingView WTI Technical Levels Levels to place on your WTI charts:Resistance Levels4H MA 200 at $58.38 (testing, breaking?)$59 to $60 2021 Resistance and Channel HighsMinor Resistance $62 to $63Key September Resistance $65 to $66Support Levels$56.38 Market Open gap down$55 to $56.50 2025 Support and Channel lowsYearly lows $55.002019 mini support $53 to $54Mid-2019 Main support $51 to $52.50Impact on Individual Energy Stock names A real debate concerning individual names could be whether the capture was priced in or not.A month back, we saw Exxon's Stock reaching new all-time highs, questionable move as Oil was moving in another direction – Around this time, invasion prospects and odds were going higher.In today's Stock Market action, most individual Energy names in the S&P 500 are actually down, in what seems to be profit taking.A few Individual Names to keep your eyes on. Chevron, Valero and Conoco Philipps are the best performers in the energies through first hour of action.Overall, traders and investors should look at Oil refining profitability rising again with higher competition compared to Mexican and Canadian Western Select (Heavy Sour Oil alternatives).Names could include Marathon (MRO) and PBF Energy for example. In case you are looking for other stock names, you might be interested to look at this list.A quick glance at the Dow Jones zoom_out_map Dow Jones (CFD) 4H Chart – January 5, 2025. Source: TradingView Stock traders love the taste of freedom! The Dow Jones, dragged higher by its Industrial and Energy components is the best performing US Index and trading to New All-time HighsPushing to 49,100, DJIA is reaching new highs and sees no real barriers until ~49,500.An in-depth Stock Index analysis will be coming up during the session.Safe Trades and a Successful 2026!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

The US Dollar has just concluded one of its toughest years in recent memory, correcting approximately 10% from its early 2025 highs of 110.00.Yet, even after a rough final month of trading, the Greenback is beginning to flash signs of a potential rebound.The implications of this shift are significant. A new year often marks the genesis of new market trends as traders and asset managers reassess their allocations. In Currency Markets, the dominant narrative for 2026 will hinge on whether the US Dollar continues to suffer outflows or if that theme died with 2025.With the Euro and Swiss Franc finishing the year on top, the question remains: is there more upside left in the tank? zoom_out_map Performance of other currencies against the US Dollar in 2025 – Source: TradingView Much of this will depend on whether regional growth can be sustained. Continued defense spending within the EU area is expected to act as a broad positive for the Euro. However, the USD still holds several trump cards:Feasibility of Diversification: Investors seeking fixed-income alternatives that rival the depth and liquidity of US Treasuries may find their options limited, naturally steering flows back to the dollar.Cash Positioning: With fund managers' cash levels at historic lows, a mean-reversion toward safety amid elevated equity valuations could provide a structural uplift for the USD.Legal & Economic Catalysts: If the US economy remains resilient, or if controversial tariffs are struck down by the Supreme Court, asset managers caught offside could be forced to cover, sparking a rally.On the flip side, risks remain skewed to the downside if economic weakness accelerates, if the Fed's independence is compromised by a new Chair appointment in May 2026, or if further instability from the Trump Administration triggers a fresh wave of global outflows.Let's dive right into a few Dollar Index (DXY) charts to see what the trading candles could foreshadow for the Greenback. Discover:Silver (XAG/USD): A major top or a correction before new highs?The Top Charts of 2025 – Happy New 2026 Year!Markets Today: FTSE 100 Breaches 10,000 Mark, Gold Rises 1.8% as UK House Prices Drop to 20-Month LowsDollar Index Technical OutlookDaily Chart zoom_out_map Dollar Index (DXY) Daily Chart. January 2, 2025 – Source: TradingView The US Dollar just broke out of its descending channel formed since the end of November.Weakened by a reinstalled outflows ahead and after the cut, sellers took back the action after the DXY reached the 100.00 Level.Now rebounding from the 98.00 handle, buyers could be making a reappearance in order to retake the advantage after a RSI double-bottom.Let's take a closer look.4H Chart and Trading Levels zoom_out_map Dollar Index (DXY) 4H Chart. January 2, 2025 – Source: TradingView Now bouncing from its intraday moving average, the USD is elevating towards the 98.50 to 98.80 Pivot Area. Watch if buyers manage to push above the 98.50 session highs.Bouncing back above would generate a high probability setup of a test of the 100.00 level, implying down performance of other FX Currency Majors.Levels to place on your DXY charts:Resistance Levels98.50 to 98.80 Pivot Zone (immediate test)98.58 (200-Hour Moving Average)Pivot turned Resistance 99.25 to 99.50100.00 to 100.50 Main resistance zone100.376 November highsSupport Levels98.00 Key support (+/- 100 pips) – Recent rebound97.75 Recent lows97.40 to 97.80 August Range SupportMini-support 98.502025 Lows 96.40 to 96.80 SupportSafe Trades and Happy New Years!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Key takeaways Silver’s 2025 surge was exceptional but stretched: XAG/USD gained 159% in 2025, driven by safe-haven flows and strong industrial demand, yet the late-December sell-off and extreme positioning have raised near-term bubble concerns.No major secular top yet, but a medium-term peak likely in place: The Silver/Gold ratio and distance from the 200-day MA are elevated but still below historical levels that preceded long-term collapses, suggesting the rally is not structurally exhausted.High odds of a multi-week correction before new highs: Elliott Wave and momentum signals point to the completion of a medium-term wave III, implying a corrective wave IV toward key supports before a potential final bullish wave V unfolds. 2025 was a banner year for both precious and industrial metals, where gold and silver doubled/quadrupled their typical moves, while copper hit multi-year highs on a mix of supply shocks and Chinese demand expectations.Silver emerged as the top performer among the major cross-assets in 2025, with an annual gain of 159%, its best performance since the inflationary crisis period of 1979, according to data from the London Bullion Market Association (LBMA) (see Fig. 1). zoom_out_map Fig. 1: Annual performances of cross assets as of 31 Dec 2025 (Source: MacroMicro) Silver’s powerful rally has been underpinned by its dual appeal as both a safe-haven asset and a critical industrial metal, with robust demand from fast-growing sectors such as solar energy, electronics, and data centres.After it hit a fresh all-time intraday high of US$84.03 on 29 December 2025, silver (XAG/USD) tumbled by 9% to end the session lower on the same day, where it also recorded its worst daily performance since August 2020.The frenetic price action seen in the final two weeks of December 2025 has once again reignited fears of a speculative bubble bursting in silver (XAG/USD), drawing comparisons with the sharp bearish reversals witnessed in 2011 and 1980.Let’s break down the details from a technical analysis standpoint.Silver/Gold ratio suggests silver has reached a potential major topping process zoom_out_map Fig. 2: Long-term secular trend of Silver with Silver/Gold ratio & % away from 200-day MA as of 2 Jan 2026 (Source: TradingView) The current value of the Silver/Gold ratio on the 12-month chart stands at 0.017, which is still below a historically significant level of 0.0206, where it triggered off a major corrective decline of silver (-66%) and (-55%) during the 1982 to 1992 and 2010 to 2015 periods (see Fig. 2).Although silver is currently trading about 75% above its 200-day moving average, a multi-decade extreme, it remains well below the 115% to 131% stretch reached during the high-inflation episodes of 1967 and 1979, which preceded a severe, 13-year collapse in prices till 1992.Therefore, these observations suggest that silver has not reached a major top yet.Elliot Wave/Fibonacci analysis suggests the end of a medium-term uptrend zoom_out_map Fig. 3: Silver (XAG/USD) major trend of 2 Jan 2026 (Source: TradingView) Based on Elliot Wave/Fibonacci analysis, the price action structure of silver (XAG/USD) is likely to have completed its medium-term bullish impulsive up move sequence from the week of 29 August 2022 low of US$17.56 after it met a Fibonacci extension price target of US$83.47 (labelled as a bullish wave III) on 29 December 2025 (printed an all-time intraday high of US$84.03) (see Fig. 3).In addition, the weekly RSI momentum indicator has hit an extreme overbought level of 85/88 but has not flashed out any bearish divergence condition.These observations suggest that silver (XAG/USD) has not completed a major bullish five-wave cycle, labelled as I, II, III, IV, V according to Elliot Wave.Hence, the all-time high of US$84.03 printed on 29 December 2025 marks the potential termination of a medium-term bullish wave III (end of a medium-term uptrend), where the next probable move is a potential multi-week (at least) corrective decline sequence to kickstart a corrective wave IV before bullish wave V materializes with key long-term pivotal support at US$54.48 to maintain the major bullish structure.Multi-week correction in process below US$84.03 key medium-term resistance zoom_out_map Fig. 4: Silver (XAG/USD) medium-term trend of 2 Jan 2026 (Source: TradingView) The price actions of silver (XAG/USD) as seen from its daily chart suggest the risk of a multi-week mean reversion/corrective decline sequence towards the 20-day and 50-day moving averages.In addition, the daily Stochastic oscillator has exited from its overbought region (above 80) and still has ample room before it reaches its oversold region (below 20).Watch the US$84.03 key medium-term pivotal resistance with the next medium-term supports coming in at US$67.16 and US$62.75/61.91 (also the 38.2% Fibonacci retracement of the medium-term uptrend from 7 April 2025 low to 29 December 2025 high and the pull-back support of the former resistance of the ascending channel) (see Fig. 4).On the other hand, clearance and a daily close above the US$84.03 key medium-term resistance invalidates the bearish scenario for the continuation of the bullish impulsive up move sequence to expose the next medium-term resistances at US$87.90/90.90 and US$97.89. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Global Equity Funds Saw Strong Flows in Final Week of 2025 Global stock funds attracted $26.54 billion in new investments this week, continuing a strong buying trend following a massive $37 billion inflow the previous week.This enthusiasm comes after the global market gained nearly 21% in 2025, its best performance since 2019.American stock funds led the way, taking in roughly $17 billion, while European and Asian funds also saw healthy gains of $5.75 billion and $2.67 billion, respectively.When picking specific industries, investors favored finance, real estate, and industrial companies, but they continued to pull money out of the healthcare sector, which lost $510 million. zoom_out_map Source: LSEG Asia Market Wrap - Samsung Hits New Record High Stock markets kicked off the new year the same way they ended 2025, with Artificial Intelligence (AI) and computer chip companies leading the charge.Asian markets rose by 0.9% overall, with the technology sector reaching a new all-time high. Major success stories included Samsung, which hit a record share price, and Baidu, which jumped 7.5% after announcing plans to list its chip business on the stock market.Meanwhile, AI chip designer Shanghai Biren saw its value quadruple on its first day of trading. South Korea’s market, last year’s top performer, climbed another 2.3% to a record high, powered by huge gains in Samsung and SK Hynix.Similarly, Taiwan’s market reached a new peak, continuing the strong tech-driven rally that saw it gain 27% last year.The MSCI index of emerging Asian equities jumped as much as 2% to its highest point since late October.Most Read: Santa Claus Rally Strategy: How to Trade the S&P 500's Most Reliable Seasonal Pattern Stock markets kicked off the new year the same way they ended 2025, with Artificial Intelligence (AI) and computer chip companies leading the charge.Asian markets rose by 0.9% overall, with the technology sector reaching a new all-time high. Major success stories included Samsung, which hit a record share price, and Baidu, which jumped 7.5% after announcing plans to list its chip business on the stock market.Meanwhile, AI chip designer Shanghai Biren saw its value quadruple on its first day of trading. South Korea’s market, last year’s top performer, climbed another 2.3% to a record high, powered by huge gains in Samsung and SK Hynix.Similarly, Taiwan’s market reached a new peak, continuing the strong tech-driven rally that saw it gain 27% last year.The MSCI index of emerging Asian equities jumped as much as 2% to its highest point since late October.UK House Prices at 20-Month Lows UK house price growth slowed significantly in December, rising just 0.6% compared to a year ago, the weakest annual increase since April 2024 and well below what experts predicted.MoM, prices unexpectedly fell by 0.4%, marking the first drop in four months. Nationwide's Chief Economist explained that this slowdown is partly due to comparisons with strong price gains from the previous year.However, he noted that the housing market remains stable, with mortgage approvals sitting at pre-pandemic levels. He also highlighted that homes are becoming more affordable as wages rise faster than property prices and mortgage rates continue to fall.Looking ahead, house prices are expected to recover slightly, with growth forecast between 2% and 4% in 2026.European Session - FTSE 100 Hits 10000 for the First Time London's main stock index, the FTSE 100, hit a historic milestone on Friday by crossing the 10,000-point mark for the first time.This achievement follows a strong performance in 2025, where the index rose nearly 22%, its best year since 2009 beating major markets in Europe and the US.While global markets have been largely driven by excitement over Artificial Intelligence, the UK's rally was powered by different sectors: mining companies benefited from high metal prices, defense firms grew due to increased military spending, and banks profited from high interest rates.The large international companies in the FTSE 100 significantly outperformed smaller, domestic UK businesses.Although the UK index still grew slower than markets in Japan and Italy, reaching this new record offers hope for renewed investor confidence after years of uncertainty surrounding Brexit and political instability.On the FX front, the US dollar started 2026 with a small recovery, rising 0.2% on Friday after suffering its worst year in nearly a decade with a 9.4% drop in 2025. While the dollar stabilized, the Euro dipped slightly and the British Pound remained near its recent highs; both European currencies had surged last year, recording their strongest annual gains since 2017.In the Pacific, the Australian and New Zealand dollars continued their winning streaks, starting the new year with further gains after strong performances in 2025.Overall trading was quiet because markets in Japan and China were closed, but investors are watching closely for upcoming US economic data to help predict future interest rate changes.Currency Power Balance zoom_out_map Source: OANDA Labs Precious metals started the New Year with a strong rally on Friday, continuing the massive success they saw in 2025. Market participants are buying these "safe-haven" assets because of ongoing political conflicts and the expectation that interest rates will fall later this year.Gold prices rose 1.4% to around $4,372 per ounce, bouncing back after a short dip earlier in the week.Other metals saw even bigger gains. Silver jumped 3.6% to nearly $74 per ounce, following a historic year where it gained 147%, its best performance ever.Platinum also rose 2.5%, recovering after hitting a record high earlier in the week; it more than doubled in value last year.Palladium climbed 2.4%, building on a 76% gain in 2025, which was its best result in 15 years.Oil prices rose slightly on the first trading day of 2026, recovering from their biggest annual drop since 2020. This small boost was driven by supply concerns after Ukrainian drones attacked Russian oil facilities and a US blockade restricted Venezuelan exports.Despite these tensions, the market is coming off a difficult year where prices fell more than 15% due to global oversupply.Specifically, Brent crude climbed 22 cents to $61.07 a barrel, while U.S. crude also increased by 22 cents to reach $57.64.Read More:Oil Prices Edger Higher on Geopolitics and Supply Concerns, Bulls Remain Cautious.2026 FX Outlook: Improved global growth boosts weaker US dollar; EUR, AUD, and JPY top picks2026 Stock Indices Outlook: Dow Jones, Nikkei 225, Hang Seng poised to outperformEconomic Calendar and Final Thoughts The European session is quiet moving forward with a few medium impact data releases being released already in the morning.In the US session market participants will get the US and Canadian manufacturing PMI data before attention turns to next week's US data releases which include the NFP jobs data release. zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Day - FTSE 100 Index From a technical perspective, the FTSE 100 index has finally breached the psychological 10000 mark.Price has pulled back since with bouts of volatility and that shouldn't be a surprise. When price breaches such psychological levels we do tend to see some volatile price swings.Immediate support which may be tested in the near-term include the 9973 and 9943 handles respectively.However, a key level on the four-hour chart for bullish continuation will be the swing low from December 30 which rests around the 9872 handle. If this handle holds, then fresh highs will likely materialize.FTSE 100 Index Four-Hour Chart, January 2, 2026 zoom_out_map Source: TradingView.com (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Asia Market Wrap - Asian Stocks Steady Most Read: Santa Claus Rally Strategy: How to Trade the S&P 500's Most Reliable Seasonal PatternGlobal stocks dipped slightly on the last trading day of 2025, giving back a small portion of the gains from a very strong year.Despite this quiet finish, the global market index has risen 21% overall, marking its third straight year of growth.In Asia, Chinese stocks rose slightly to finish the year up 18%, while Hong Kong fell today but still secured a 28% annual gain, largely ignoring concerns about trade wars. South Korea was the world's best performer, surging 76% this year thanks to strong results from tech giants like Samsung.With Japanese markets already closed and most of the world taking a break for New Year's Day tomorrow, trading activity is expected to remain low.China Manufacturing PMI Exceeds Expectations China's manufacturing sector surprisingly returned to growth in December, with the RatingDog index rising to 50.1, which was better than experts predicted.This improvement was driven entirely by stronger demand within China, aided by government efforts to boost local spending, even as sales to other countries declined. Despite receiving more orders, factories did not buy new supplies because they already had enough stock, and they continued to cut jobs for the second month in a row to lower costs.Manufacturers are also facing a financial squeeze; while the cost of raw materials rose to a three-month high, they were forced to lower their own selling prices to keep customers buying. As a result, overall business confidence remains weak as companies worry about the future of the economy.European Session - Fresh All-Time Highs Printed European stocks hit all-time highs on the final day of 2025, wrapping up their best year since 2021.The region's main index, the STOXX 50 rose by 0.5% today, securing annual gains of between 17% and 19%. This strong performance was led by the banking sector, which surged a remarkable 67% this year, while mining companies also rallied due to high metal prices.Utility companies contributed to the gains as well, driven by increasing electricity demand from data centers. Trading was limited due to the holidays; markets in Germany, Switzerland, and Italy were closed, while exchanges in London and Paris opened for only half the day.Meanwhile, notes from the US Federal Reserve revealed that officials debated economic risks before agreeing to cut interest rates earlier this month.On the FX front, the British pound fell slightly against the US dollar on Wednesday, but it is still finishing the year with a strong 7.5% gain, its best result since 2017.However, compared to its neighbors, the pound struggled; it dropped more than 5% against the Euro, making it the worst-performing major currency in Europe this year.Other European currencies, such as the Swiss franc and Swedish crown, performed much better, rising between 13% and 19%.Meanwhile, the US dollar held steady today but is set to record a 9.5% loss for 2025, its biggest drop in eight years. This weakness in the dollar paved the way for the Euro and the pound to post their strongest annual gains since 2017.Currency Power Balance zoom_out_map Source: OANDA Labs On Wednesday, prices for precious metals like gold, silver, and platinum resumed their recent selloff as investors decided to collect the huge profits they had made earlier in the year.Gold breached the $4300/oz level for the first time since December 16 before recovering to trade back above the $4300/oz handle at the time of writing. However, Gold is still down around 0.7% on the day and around 5% for the week.Oil prices barely moved on Wednesday, but they are finishing 2025 with a sharp decline of over 15%. This drop comes despite ongoing wars and sanctions on major producers like Russia and Iran, as the market is primarily worried about having too much supply.Brent crude is down nearly 18%, marking its biggest annual loss since 2020 and its third straight year of falling prices, the longest losing streak in its history.Similarly, US crude oil is set to finish the year nearly 19% lower.Read More:Oil Prices Edger Higher on Geopolitics and Supply Concerns, Bulls Remain Cautious.2026 FX Outlook: Improved global growth boosts weaker US dollar; EUR, AUD, and JPY top picks2026 Stock Indices Outlook: Dow Jones, Nikkei 225, Hang Seng poised to outperformEconomic Calendar and Final Thoughts The European session remains quiet and the US session will likely follow suit in what is the last day of 2025.There could be some volatility due to repositioning and profit taking as some market participants may look to start the year with a clean slate. Geopolitical tensions remain an area where market participants may continue to focus. zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Day - FTSE 100 From a technical perspective, the FTSE 100 index continues to hold near the all-time highs having printed fresh highs yesterday..The period-14 RSI has seen a bounce of the 50 level which hints at bullish momentum still being in play.The possibility of a pullback remains in play, with support resting at 9860 before the 9800 and 100-day MA at 9762 handle comes into focus.FTSE 100 Index Daily Chart, December 31, 2025 zoom_out_map Source: TradingView.com (click to enlarge) Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Asia Market Wrap - Asian Stocks Steady Most Read: Santa Claus Rally Strategy: How to Trade the S&P 500's Most Reliable Seasonal PatternAsian stock markets held steady on Tuesday as investors celebrated strong profits approaching the end of the year.The region's main index rose just 0.1%, putting it on track for a 26.7% annual gain, its best performance since 2017. While Japan's market dipped slightly, it is still up 26% for the year, and markets in China and Hong Kong also saw small increases.Meanwhile, US and European futures remained flat. South Korea continues to lead the world with a historic 75% surge this year, even though it fell by 0.8% on Tuesday. zoom_out_map Source: LSEG Taiwan's stock market fell 0.6% today, ending a six-day winning streak during which it had gained about 4%. Despite this small dip, the market is expected to finish the year nearly 25% higher, marking its third consecutive year of strong growth.Spanish Inflation Rate Slows Spain's inflation rate slowed down for the second month in a row, dropping to a four-month low of 2.9% in December.This was slightly higher than the 2.8% experts expected but lower than November's 3.0%. The decline was mainly caused by cheaper fuel prices and slower cost increases for entertainment activities.However, food and drinks are getting more expensive at a faster rate than they did a year ago.Core inflation, which leaves out unstable items like food and energy, stayed at 2.6%, matching its highest level in a year. On a month-to-month basis, overall prices in Spain rose by 0.3%.European Session - European Shares Poised for Best Year Since 2021 European stocks held steady on Tuesday, pausing after reaching record highs yesterday. The main region-wide index rose just barely (0.08%) but remains near its all-time peak, capping off a year of strong gains.Trading was quiet across major countries, with London rising slightly and France slipping a little.Mining companies led the gains, rising over 1% as precious metals prices stabilized, while banks and defense stocks also moved higher. Conversely, healthcare and consumer stocks dipped slightly.On the FX front, the US dollar held steady on Tuesday as traders waited for the latest report from the Federal Reserve. Despite this pause, the dollar is on track to lose nearly 10% of its value this year, its biggest drop in eight years due to expected interest rate cuts and worries about US politics and debt.This weakness has helped the Chinese yuan strengthen past the key level of 7 per dollar, even though China's central bank tried to stop it.Overall, trading remains quiet because of the holidays, but the dollar's struggles have allowed the Euro and British pound to have their best years since 2017, with the Euro gaining nearly 14% and the pound rising 8%.Currency Power Balance zoom_out_map Source: OANDA Labs Gold prices bounced back on Tuesday, rising 1% to around $4,375/oz as investors returned to the safe-haven metal.This recovery follows a sharp drop on Monday and is being driven by renewed geopolitical fears after Russia accused Ukraine of attempting to attack President Putin's residence, a development that has damaged hopes for a peace deal.Other precious metals also recovered from steep losses; silver climbed 3.3% to roughly $74.60, while platinum and palladium rose 3.5% and 1% respectively, regaining ground after plunging from record highs the day before.Oil prices barely moved on Tuesday, holding steady after jumping more than 2% yesterday.The market remains tense because Russia accused Ukraine of attacking President Putin's residence, causing investors to worry about potential supply disruptions while they wait for updates on peace talks.As a result, Brent crude oil for February delivery slipped slightly by 6 cents to $61.88 a barrel, while the March contract dropped 4 cents to $61.45.Read More:Gold (XAU/USD) Price Slides 4.5%: Key Levels to Watch Moving Forward2026 FX Outlook: Improved global growth boosts weaker US dollar; EUR, AUD, and JPY top picks2026 Stock Indices Outlook: Dow Jones, Nikkei 225, Hang Seng poised to outperformEconomic Calendar and Final Thoughts The European session remains quiet following the release of the Spanish CPI data. Attention now turns to the US session where we have a host of mid-tier data releases..With trading volume low due to the holidays, market participants are now focused on the US Federal Reserve's meeting notes due later today for clues on future economic policy. This could stoke some Dollar volatility but the response may be short-lived ahead of the New Year holiday. zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Day - FTSE 100 Index From a technical perspective, the FTSE 100 index continues to hold near the all-time highs around the 9943 handle.The period-14 RSI has seen a bounce of the 50 level which hints at bullish momentum still being in play.It remains to be seen whether under the current thin liquidity environment if bulls will be able to push the Index to a fresh all-time high.The possibility of a pullback remains in play, with support resting at 9860 before the 9800 and 100-day MA at 9762 handle comes into focus.FTSE 100 Index Daily Chart, December 30, 2025 zoom_out_map Source: TradingView.com (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Log in to today's North American session Market wrap for December 29Traders are slowly filtering back from their winter breaks, greeted by a timid selloff in US equities.However, the real action shifted away from stocks as the massive frenzy in Metals seen throughout Christmas week took a sharp turn to the downside.Those who used the holiday rally to book profits timed it perfectly. Today's session delivered a harsh correction, with moves ranging from a 4% drop in Gold to a staggering 15% plunge in Palladium.Is this a fresh opportunity or the start of a deeper washout? zoom_out_map Market Close Heatmap – Source: TradingView – December 29, 2025 A calm but broadly green Heatmap for the Christmas Week opening! Read More:2026 FX Outlook: Improved global growth boosts weaker US dollar; EUR, AUD, and JPY top picksWTI Outlook: Oil Bounces From Channel Lows — Major Reversal in 2026?Gold (XAU/USD) Price Slides 4.5%: Key Levels to Watch Moving ForwardCross-Assets Daily Performance zoom_out_map Cross-Asset Daily Performance, December 29, 2025 – Source: TradingView A picture of today's performance for major currencies zoom_out_map Currency Performance, December 29 – Source: OANDA Labs A look at Economic data releasing throughout this evening and tomorrow's sessions zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. The trading year is winding down, but Tuesday's session and the final hours of 2025 still hold a few high-impact cards before the New Year's transition.Keep an eye on some of these two final US events for the year.FOMC Meeting Minutes (14:00 ET): This is a market-volatility classic. These minutes provide a detailed record of the Fed's policy-setting meeting from three weeks ago. Traders will be hunting for clues on the future interest rate path, especially as policymakers are reportedly split on where rates should go in 2026.Chicago PMI (09:45 ET / 14:45 GMT): A critical check on the manufacturing sector. The consensus is set at 39.6 (up from a dismal 36.3 previously). While any reading below 50 indicates contraction, a beat here would suggest the industrial downturn in the region is at least stabilizing. Safe Trades and Happy New Year!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

If 2024 was the year of "higher for longer," 2025 will be remembered as the year of the "Debasement Trade." It was a year where the playbook wasn’t just rewritten—it was thrown out the window. Sudden, aggressive inflows into non-governmental assets defined the price action, as investors sought refuge in cryptocurrencies, precious metals, and, most aggressively, equities.But the path to the current all-time highs was anything but a straight line. The year began with a brutal reality check—a nearly 30% correction across most major indexes in Q1 that flushed out the leverage of late 2024. However, as geopolitical turmoil abated in the second quarter, the "fear trade" morphed into a "scarcity trade." Capital flooded back into the market, driving a relentless run to record highs. zoom_out_map US Major Stock Indexes in 2025 (Weekly Charts) – December 29, 2025. Source: TradingView While the Nasdaq outperformed its peers for the first three quarters, the final months of 2025 have seen a broadening of the rally. The Dow Jones Industrial Average and defensive sectors have played catch-up, signaling a mature, albeit overheated, bull market.Here is how the key themes of 2025 played out, and what they tell us about the road ahead in 2026. zoom_out_map 2025 Sector Performance – December 29, 2025. Source: TradingView The Semiconductor Folly: Chasing the Peak The AI trend, which began its ascent from the 2023 market bottom, accelerated into a frenzy in 2025. Semiconductors remained the undisputed kings of the market, though cracks have begun to form in the armor.Nvidia held its high standards, continuing to defy gravity for much of the year. While the stock has seen a mild sell-off since October as profit-taking set in, it remains the backbone of the AI infrastructure build-out, finishing the year with still-staggering gains of nearly 85%. zoom_out_map Nvidia in 2025 Daily Chart, December 29, 2025. Source: TradingView The most dramatic story of the year, however, belonged to Oracle. The legacy tech giant saw a vertical, rollercoaster spike to all-time highs in Q3, driven by aggressive cloud expansion announcements. For a brief, shining moment, the surge made Larry Ellison the richest man in the world. But the euphoria was short-lived. A sober assessment of capital expenditure costs versus actual revenue realization led to a violent unwind, with the stock crashing 50% from its peak—a stark reminder of the volatility inherent in parabolic moves. zoom_out_map Oracle in 2025 Daily Chart, December 29, 2025. Source: TradingView Despite rising tensions in the Taiwan Strait, TSMC (Taiwan Semiconductor) continued to grab massive attention. Investors seemingly ignored the geopolitical risk premium, choosing instead to focus on the company's monopoly on advanced packaging. Similarly, AMD saw renewed demand in "proxy trades," as money managers sought alternatives to the crowded Nvidia trade.The Metal Stocks Spikes Perhaps the most surprising "AI trade" of 2025 wasn’t a chipmaker, but a gold miner. The metals and mining sector, often neglected in favor of high-growth tech, became the darling of the debasement trade – Today's flows are actually seeing a strong retracement lower in precious metals (Platinum down 13%, Gold down 4%), more on this coming soon on Marketpulse.As fiat currency concerns mounted, investors realized that the hardware powering the AI revolution—copper, silver, and gold—was in critically short supply. The result was a sector-wide explosion, with mining stocks growing over 70% on the year.The Standouts: Giants like Rio Tinto and Barrick Gold saw inflows usually reserved for software companies. zoom_out_map Barrick Gold (ABX) Daily Chart – December 29, 2025. Source: TradingView The Silver Surge: Silver, essential for both industrial electronics and monetary hedging, lit a fire under names like Wheaton Precious Metals and First Majestic Silver (AG). First Majestic, in particular, became a retail favorite, riding the dual wave of meme-stock energy and genuine commodity scarcity.This wasn’t just a commodity super-cycle; it was a repricing of tangible assets in a digitized world. Read More:The 2025 Metal Frenzy: A Year-End Wrap-Up and 2026 Outlook2026 FX Outlook: Improved global growth boosts weaker US dollar; EUR, AUD, and JPY top picks2026 Stock Indices Outlook: Dow Jones, Nikkei 225, Hang Seng poised to outperformTech Sector Rollercoasters Not all "Magnificent" stocks were demanded equally in 2025.Communication Services staged a massive comeback. After a quiet 2024, Alphabet (Google) and Meta Platforms aggressively reclaimed their crowns. Their pivot to integrating AI into ad-spend efficiency rather than just consumer chatbots paid dividends, driving their stocks back to record highs.Cloud & Security: The enterprise layer of AI also flourished. IBM, often written off as a dinosaur, found new life in hybrid cloud architecture, while CrowdStrike capitalized on the increasing need for AI-driven cybersecurity.The Amazon Problem: The glaring exception was Amazon. The retail and cloud giant struggled harshly throughout 2025. Plagued by disappointing sales figures and stiff competition in the AWS space from Azure and Oracle, the stock is up a measly 4% on the year—a massive underperformance relative to the Nasdaq. zoom_out_map AMZN, Google and Crowdstrike (Weekly Charts) – December 29, 2025. Source: TradingView What to look for in 2026 As we look toward 2026, the question on every trader's mind is simple: Can this last?The S&P 500 is currently trading at price-to-earnings (P/E) multiples that are testing historical limits. The market is priced for perfection, assuming that AI implementation will lead to immediate, margin-expanding productivity. zoom_out_map S&P 500 P/E Ratios – Courtesy of FirstTuesdayJournal Key Themes to Watch: From Chips to Energy The most actionable trade for 2026 may be a transition of flows from chip production to energy consumption. The high-consumption AI systems and data centers being built today require massive amounts of power.The Play: Keep a close eye on Utilities, Nuclear Energy, and Grid Efficiency firms. If 2025 was about buying the chips, 2026 will be about buying the electricity to run them.The Profitability Test Earnings season will take on a new level of scrutiny. Investors will no longer be satisfied with "AI roadmaps." They will demand to see if AI integrations are turning into profitable additions to the bottom line. If margins don't expand to justify these valuations, the correction could be swift.The Macro Backdrop The U.S. economy remains in a delicate balance. The impact of new tariffs on inflation will be the primary data point to watch. Will the Federal Reserve be able to cut rates further to support growth, or will sticky inflation force them to hold rates at these restrictive levels?Winner or Bubble? Finally, the most challenging theme is existential. Is AI a winner that fundamentally alters the global economy, or is it a bubble echoing the dot-com era? The divergence between the "Oracle crash" and the "Nvidia resilience" suggests the market is starting to separate the wheat from the chaff.In 2026, selectivity will be everything. The rising tide lifted all boats in 2025, but in 2026, you’ll need to make sure your ship has a hull. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Asia Market Wrap - Nikkei Slips, Topix Steady Most Read: Santa Claus Rally Strategy: How to Trade the S&P 500's Most Reliable Seasonal PatternJapan's Nikkei index fell 0.44% on Monday, ending a two-day winning streak. This decline was driven by weak technology stocks, such as Advantest and Tokyo Electron, which followed a negative trend from Wall Street.The market also slipped because several large companies traded "ex-dividend," causing their share prices to adjust downward naturally. While rubber manufacturers were the worst performers of the day, the broader Topix index managed to inch up 0.1%.This small gain was helped by banking stocks, including Mitsubishi UFJ and Mizuho, which rose after reports suggested the Bank of Japan is considering further interest rate hikes.Globally, markets remained steady near recent record highs following a strong rally last week.Bank of Japan (BoJ) Summary of Opinions Bank of Japan officials largely agree that continuing to raise interest rates is necessary to keep prices stable. Officials are becoming more confident that the economy is in a healthy cycle where rising wages and prices support steady growth.Policymakers pointed out that strong corporate profits should allow wages to keep increasing, though they expect inflation to persist, partly due to currency issues. Because current interest rates are still considered too low, many officials warned that waiting to act would be risky.Consequently, the bank raised its key interest rate to 0.75% at its December meeting, marking the highest level since 1995.European Session - European Shares Inch Higher European stocks started the final week of 2025 with small gains, capping off a strong year for financial markets. The region's main index rose slightly to reach its highest level since mid-November, while the broader market held steady at a record high.Trading activity is expected to be quiet due to the upcoming New Year holidays, following a record-breaking session on Wall Street. Investors remain focused on the possibility of US interest rate cuts in 2026 and ongoing political developments.On the political front, President Trump stated that a peace deal to end the war in Ukraine is "closer than ever," although difficult issues regarding the Donbas region remain.This news weighed heavily on defense companies, causing stocks in that sector to fall by as much as 4%.On the FX front, the Japanese yen recovered slightly on Monday, rising 0.3% against the US dollar after a sharp drop late last week. Traders are cautiously watching for potential interest rate hikes in Japan or government intervention during this quiet holiday trading period.Despite this small recovery, the yen remains very weak against the Australian dollar, sitting just below a 17-month low. In other currency markets, the US dollar and Euro stayed mostly flat, while the British pound dipped slightly and the New Zealand dollar fell by 0.2%.Meanwhile, cryptocurrencies saw strong gains, with Bitcoin jumping 2.2% and Ether rising 2.6%.Currency Power Balance zoom_out_map Source: OANDA Labs Precious Metals Slide - Silver Down 4.5% Precious metals prices dropped on Monday as investors decided to sell and cash in on recent profits.Silver fell significantly after briefly passing $80 per ounce earlier in the day, while gold slipped back from near-record highs. The decline was largely driven by productive peace talks between President Trump and President Zelensky, which reduced the geopolitical fear that usually drives investors toward safe assets.As a result, gold dropped 1.7% and silver fell 4.6%. Other metals were hit even harder, with platinum losing over 6% and palladium plunging more than 11%.Oil on the Front Foot - Can it Continue? Oil prices increased on Monday as investors paid close attention to peace talks between the U.S. and Ukraine, while also worrying that tensions in the Middle East could disrupt oil supplies.These concerns pushed Brent crude up by 1.1% to $61.31 per barrel, while US crude rose by a similar margin to reach $57.39.Read More:2026 FX Outlook: Improved global growth boosts weaker US dollar; EUR, AUD, and JPY top picksThe 2025 Metal Frenzy: A Year-End Wrap-Up and 2026 Outlook2026 Stock Indices Outlook: Dow Jones, Nikkei 225, Hang Seng poised to outperformEconomic Calendar and Final Thoughts Markets are still experiencing significant volatility despite it being the holiday season.On the economic calendar front though, data releases will not be forthcoming until next week. This leaves geopolitical risks and potential repositioning ahead of the New Year as the primary market drivers to focus on. zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Day - Silver (XAG/USD) Silver has fallen after breaching the $80/oz handle.The precious metal is approaching key areas of support though which could lend a hand to bulls looking for a return toward last weeks highs.Immediate support rests at the 75.00 handle before the 100-day MA resting at 72. 26 comes into focus.On the upside, 76.75 may prove to be hurdle for bulls before the psychological 80 handle comes back into focus once more.Silver (XAG/USD) H1 Chart, December 29, 2025 zoom_out_map Source: TradingView.com (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Asia Market Wrap - Nikkei Posts Second Successive Weekly Rise Most Read: Santa Claus Rally Strategy: How to Trade the S&P 500's Most Reliable Seasonal PatternStocks continued their end-of-year rise as investors feel positive about economic growth and expect companies to earn more money.A key global stock index increased for the seventh straight day, even though trading was quiet because many markets, such as Australia and Hong Kong, are still closed for holidays.Japan's Topix Index reached a new record high after a 0.5% rise. South Korean stocks also climbed 0.6%, securing a massive 72% gain for the year, which makes it the world's best-performing major market.Meanwhile, Chinese stocks edged higher and are on track for their best year since 2020 with an 18% increase.Together, these rallies pushed the broad index for Asian shares to its highest level since mid-November, showing a total growth of 25% for the year.Japan Industrial Output Falls - Steepest Contraction Since January 2024 Japan's factory output fell by 2.6% in November compared to the previous month, marking the biggest drop since January 2024.This decline was worse than experts expected and reversed the gains seen in October, largely due to weaker demand from overseas and companies adjusting their inventory levels.The slump was driven by sharp decreases in the production of electronics, cars, and metal products.Compared to the same time last year, industrial output shrank by 2.1%, which is the first yearly decline in three months and the steepest drop since May.European & US Session - US Equities Edged Lower US stock markets are expected to open slightly lower on Friday as traders return from the Christmas holiday. Before the break, major stock indexes hit new record highs, even though strong economic growth data suggests the Federal Reserve might wait longer than expected to cut interest rates.In company news, Nike shares jumped 4.6% after it was revealed that Apple CEO Tim Cook bought a large amount of the stock.Conversely, Intel shares fell slightly after reports that Nvidia stopped testing a new chip manufacturing process with them. While the market is open for a full day on Friday, trading activity is likely to be slowOn the FX front, the Chinese yuan dropped against the dollar on Friday after the central bank signaled it does not want the currency to rise too quickly. The yuan had been hovering very close to the important 7-per-dollar level.To control this, the bank set the daily reference rate at 7.0358 before trading began. While this is the strongest rate since September 2024, it was weaker than experts expected, sending a clear message that the government wants to slow down the currency's appreciation.Currency Power Balance zoom_out_map Source: OANDA Labs Metals On a Tear - Silver Hits $75/oz The biggest news came from precious metals, which hit new records due to global conflicts and the weak dollar.Silver hit a historic milestone of $75 on Friday, leading a broader surge in precious metals that also saw gold and platinum reach all-time highs.This rally is being fueled by rising global tensions and the expectation that the US will cut interest rates next year, making metals an attractive investment. Silver has been the standout performer, jumping 158% this year due to supply shortages and heavy industrial demand.Platinum and palladium, metals used in car manufacturing also rose sharply because supplies are tight, with platinum gaining about 160% for the year.Overall, every major precious metal is on track to finish the week with strong gains.Oil on Course for Weekly Gain WTI crude oil prices climbed to $58.60 per barrel on Friday, putting them on track for a weekly gain due to rising political tensions.The market rallied earlier in the week after President Trump increased pressure on Venezuela by seizing oil tankers as part of a US naval blockade. Although Venezuela provides only a small amount of the world's oil, these sales are essential for the country's income.Read More:Gold (XAU/USD) Jumps 2.4% and Breaches $4450/oz on Heightened Geopolitical Risk. Are Further Gains in Store for XAU/USD?Palladium (XPD/USD) on Track for $2,000 as Metals Rally Extends – Price OutlookPlatinum reaches $2,000; Palladium breaks 2023 Highs – Metals OutlookEconomic Calendar and Final Thoughts A quiet day from a data perspective.Geopolitical risk is driving the precious metals market even in light of the thin liquidity environment. Keep an eye on the Geopolitical risks ahead of next week, as well as potential gaps which may materialize over the weekend. zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Day - Silver (XAG/USD) Silver like Gold does not have historical price action to look at which make its difficult to analyse from a technical perspective.With that in mind i will be focusing on whole numbers such as the 77.50 and 80.00 handles to the upside.On the downside, support may be located at 71.75 and the 70.00 handle.Silver (XAG/USD) Daily Chart, December 26, 2025 zoom_out_map Source: TradingView.com (click to enlarge) Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Everyone deserves a break at this time of the year, and even the most avid traders will take some time to reflect on how crazy this year has been for Markets.You can see it in a much calmer action in today's trading, with Commodities rising timidly at the open, and Platinum "only" trading up 3% today to new all-time highs. zoom_out_map Platinum Daily Chart – December 24, 2025 – Source: TradingView For the few of you still trading or collecting data today, Jobless Claims were recently released, showing no significant change – actually looking better than the previous week, with 214K vs. the expected 224 K.Holiday labor figures tend to be a bit distorted, as Americans traveling and not seeking employment during the period can skew the reporting for Claims lower.This corroborates the slower but still rising ADP Employment picture.We will send a few updates over the coming weeks on the standout statistics and facts of the year, along with a few calls for 2026.Expect yet another wild year ahead.Our team wish you warm and comforting Christmas celebrations and rest of 2025. zoom_out_map Merry Christmas! P.S.: I invite you to check out this super interesting piece which points to an interesting direction for what to look for in 2026 in Stock Markets, as AI development may start to face particular challenges – the biggest being Utility and Data Centers.More on this coming at the end of the week on our 2025 Stock Market Rewind and 2026 Outlook!Safe Trades and Merry Christmas!Follow Elior on Twitter/X for Additional Market News, interactions, and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Market Insights Podcast (23/12/2025): Join Nick Syiek (TraderNick) and podcast host Jonny Hart as they review the latest market news and moves. MarketPulse provides up-to-the-minute analysis on forex, commodities and indices from around the world. MarketPulse is an award-winning news site that delivers round-the-clock commentary on a wide range of asset classes, as well as in-depth insights into the major economic trends and events that impact the markets. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Santa came with another positive surprise for the US, but despite the snow, there wasn't any Christmas miracle for Canada.The US GDP release was indeed a strong hit, coming at an annualized 4.3% (with the price index coming for Q3 at 3.7% vs 2.7% expected). Stellar numbers on the surface, but the strong data may raise a few questions. A significant portion of this growth could be driven by a sharp decrease in imports, which mathematically boosts the headline GDP figure even if domestic demand isn't accelerating at the same pace. It’s a classic accounting quirk that could mask underlying softness—or at least, make the economy look hotter than the labor market suggests.Industrial production offered a glimmer of stabilization, confirming your figures with a -0.1% read for October and a +0.2% rebound in November, still totalling for a two-month (slight) increase.We will likely have to wait for the final yearly publications to see if this is a genuine rise. zoom_out_map Morning Data for the US and Canada – MarketPulse Economic Calendar. The implication is tricky: if the economy is truly running at a 4% with sticky inflation (that 3.7% deflator is hard to ignore), the Fed has plenty of reasons to keep rates higher for longer. A theme that equity bulls won't appreciate much.Yet, the S&P 500 doesn't seem to care, shaking off an open gap-down but overall seesawing action for Stocks. zoom_out_map S&P 500 (CFD) 10M Chart – December 23, 2025 – Source: TradingView North of the border, despite cold and snow, Christmas hasn't brought its gifts. Canada's cutting cycle—slashing rates from 5.50% to 2.25% since mid 2024—hasn't yet sparked a revival, confirmed by the disappointed -0.3% GDP print for October. But as GDP is a lagging data, and employment showed decent upside, the upbeat data should reflect in the GDP only later next year.Let's explore reactions to the data with our Market overview. zoom_out_map Market Outlook 1H Charts for S&P 500, Oil, 10-Year Bonds, Gold, Bitcoin and the USD. December 23 – Source: TradingView Except for metals which are once again going bonkers, the session is very typical of a Christmas trading day.Volatility should compress as we approach the rest of the day and the end of the year.Of course, keep an eye on any geopolitical disruptions that could be the only real factor for movement, particularly if nobody is there to absorb liqudity shocks. But as long as nothing happens, except a slow, sideways grind for the next few weeks.'Safe Trades and Merry Christmas!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Asia Market Wrap - Nikkei Stays Flat, Topix Index Rises Most Read: Santa Claus Rally Strategy: How to Trade the S&P 500's Most Reliable Seasonal PatternJapanese stocks rose on Tuesday, helped by a drop in government bond interest rates that improved investor confidence. The broad Topix index climbed 0.5%, finishing very close to its recent record high.However, the tech-focused Nikkei index ended the day flat because concerns about the high prices of Artificial Intelligence stocks limited its growth. Although a significant drop in the chip company Advantest canceled out gains for the overall index, most individual companies actually saw their stock prices rise.Financial sectors had a particularly strong day, with banks, insurers, and securities firms all posting solid gains ranging from 1% to 1.5%.European Session - Novo Nordisk Jumps 7.6% European stock markets briefly hit an all-time high on Tuesday, driven largely by success in the healthcare sector.Novo Nordisk shares jumped 7.6% after U.S. regulators approved its new weight-loss pill, a win that helped the company compete against rivals and lifted the wider market. However, overall gains were limited because bank stocks which have otherwise had a very strong year slipped by 0.3%.Luxury brands also saw small declines. Investors are currently cautious about trade tensions after China announced new taxes on European dairy products in retaliation for tariffs on electric vehicles, a move analysts fear could hurt economic growth.Meanwhile, traders are waiting for new data on the U.S. economy, while shares of the German broker flatexDEGIRO fell after the company was fined for breaking trading rules.On the FX front, the Japanese yen strengthened 0.7% against the US dollar to 155.9, recovering from recent losses after the Bank of Japan raised interest rates as expected.The US dollar faced broader pressure, dropping in value against both the euro and the British pound, with the latter reaching its highest level in over two months.The overall US dollar index fell for the second day in a row and is on track for its sharpest yearly decline since 2017.Other major currencies also made gains against the dollar, with the Australian dollar, New Zealand dollar, and Swiss franc all rising in value.Currency Power Balance zoom_out_map Source: OANDA Labs Gold reached a new record high on Tuesday, climbing very close to the $4,500 per ounce mark. This rise was driven by a weaker US dollar and ongoing global instability, which encouraged investors to put their money into safe assets.Silver also rallied to an all-time peak, rising nearly 1% to trade just under $70/oz. Silver has had an exceptionally strong year, gaining 141% in value so far due to supply shortages, high demand from industries, and increased interest from investors.In the energy market, Oil prices barely moved on Tuesday as conflicting market forces balanced each other out. While the possibility that the US might sell seized Venezuelan oil kept prices from rising, traders remained worried about supply interruptions following Ukrainian attacks on Russian ships and piers.As a result, Brent crude rose by just 7 cents to $62.14 a barrel, and US crude increased by 4 cents to $58.05. This calm trading follows a strong day on Monday, when prices jumped by over 2%.Read More:Gold (XAU/USD) Jumps 2.4% and Breaches $4450/oz on Heightened Geopolitical Risk. Are Further Gains in Store for XAU/USD?Palladium (XPD/USD) on Track for $2,000 as Metals Rally Extends – Price OutlookPlatinum reaches $2,000; Palladium breaks 2023 Highs – Metals OutlookEconomic Calendar and Final Thoughts It is a quiet day on the calendar for European data releases with a bunch of medium impact data already released.The US session will be a busy one with a host of data releases scheduled including the GDP release. There is a possibility that the data may not have the usual impact given that liquidity may be thin but expect the unexpected. zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Day - FTSE 100 From a technical standpoint, the FTSE 100 index is finally breaking higher after a period of consolidation.The index bounced off support at 9661 before breaking above both the 100 and 200-day MAs and making a fresh high eyeing the ATH at 9943.The question now is can the FTSE 100 reach the 10000 handle?The period-14 RIS is just shy of overbought territory which could be a cause for concern.FTSE 100 Index Daily Chart, December 23, 2025 zoom_out_map Source: TradingView.com (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Gold appears to be the gift that keeps on giving in 2025 as the precious metal surged another 2.4% putting it in sight of the $4500/oz handle.It has been a stellar year for the precious metal with AI optimism leading discussions and yet the precious metal beat overall stock performance by some distance. Gold is up around 66% YTD while stocks (S&P 500) are only up 17%. zoom_out_map Source: GoldNuggets, LSEG The move comes at an interesting time as market participants have begun to really question the conventional monetary system. The attack on the Federal Reserve by US Government officials have not helped matters as market participants ponder the independence of the Fed and a weak US Dollar.Is this a sign of a fracture in the global monetary order?Most Read: Palladium (XPD/USD) on Track for $2,000 as Metals Rally Extends – Price Outlook zoom_out_map Source: GoldNuggets, LSEG Either way the current rally is impressive and needs to be studied and monitored as market participants are currently eyeing a continued rally in 2026.Geopolitical Risk Drives Recent Rally? Over the last week Geopolitical risk has ratcheted up across the globe with various conflicts looking on the precipice of chaos. These include the Russia-Ukraine situation, US-Venezuela and in the last 48 hours Israel-Iran.This is keeping the demand for safe haven assets strong.The divergence between the Fed outlook, market expectations and recent US data are also adding fuel to the fire. The most recent batch of data from the US which included jobs and inflationary data have both been softer than expected.This has led to market participants starting to price in more aggressive rate cuts once more which is also impacting the US Dollar and thus Gold prices.What Comes Next for Gold Prices? Looking ahead, the lack of US data this week may be a challenge for Gold bulls looking for the rally to continue.The focus in the coming days may rest on the geopolitical risk angle which continues to intrigue and frustrate in equal measure. Without delving too deep into the specifics, any escalation on any front may result in further haven demand.Liquidity may continue to thin ahead of Christmas day and this may also scupper any further major moves. However, I could be wrong given that I assumed this entire week may see limited moves which of course has not been the case.There is some high impact US data ahead tomorrow in the form of GDP 3rd quarter release. Market consensus is for a YoY print of around 3.2%. zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Technical Outlook - Gold (XAU/USD) Looking at the four-hour chart below, the technical picture is decent for bullish continuation.The one concern for bulls is that the period-14 RSI is in overbought territory which means a pullback could materialize.The lack of historical price action makes the technical picture abit more cloudy but i will focus on whole numbers.The 4450 mark is key but any pullback that holds above the 4400/oz handle could be a good opportunity for potential longs to get involved.Gold (XAU/USD) Four-Hour Chart, December 22, 2025 zoom_out_map Source: TradingView (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Log in to today's North American session Market wrap for December 22Today marked a significant turn in the US Dollar, which took a substantial hit across the board.All FX majors have outperformed the dollar while all commodities have pushed higher.US Oil continues its path higher after attaining new 2025 lows just last week, dragging other petroleum-linked products with it.There are some signs of rising tensions between Iran and Israel as of late, with Iran doing some ballistic missile tests, which isn't too trivial and undoubtedly contributing to the rally in Black Gold.Natural gas, on the other hand, is taking a hit, finishing the session down 2.30%, even as WTI closes up 1.40%.Metals have also rallied quite extensively, with Gold and Silver reaching new all-time highs, Platinum continuing to extend its lead and Palladium entering the chat.It could potentially be year-end trading flows, as many traders aim to close their positions to spend time with loved ones and take a break from the charts.Keep a close eye on Christmas week trading, which can be chaotic due to the lack of participants. It can offer quite some distortions, which can either be traps or opportunities. This question is eternal among market participants. zoom_out_map Market Close Heatmap – Source: TradingView – December 22, 2025 A calm but broadly green Heatmap for the Christmas Week opening! Read More:Palladium (XPD/USD) on Track for $2,000 as Metals Rally Extends – Price OutlookWTI Outlook: Oil Bounces From Channel Lows — Major Reversal in 2026?Aussie and Kiwi Dollars Lead FX Gains to Kick Off Christmas Week – AUD/USD and NZD/USD OutlookCross-Assets Daily Performance zoom_out_map Cross-Asset Daily Performance, December 22, 2025 – Source: TradingView Everything rallied in today's session except at the cost of the US Dollar, except for the European Stocks which haven't followed the broadly positive mood around Markets.Metals really are the standout winners of the session. It'll be interesting to see if they maintain a high performance during the holiday season.Gold is on quite a furious Christmas run, pushing towards $4,485 at the session close and running.Expect lower volatility ahead but also keep a close eye on Gold and Oil!A picture of today's performance for major currencies zoom_out_map Currency Performance, December 22 – Source: OANDA Labs It was a classic Dollar down day in FX markets, profiting mostly to the Antipodean currencies which loved the rally in metals.Check out our recent analysis for NZD/USD and AUD/USD right here!A look at Economic data releasing throughout this evening and tomorrow's sessions zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. Barring for tonight's RBA Minutes, the action will be clear for Asia-Pacific Currencies towards the end of the year!And tomorrow's session will also be the last (real) active day for other Markets.Canada and the US release their GDP figures (8:30 A.M.) in between other key releases such as Consumer Confidence and the Bank of Canada Minutes.And don't forget the weekly ADP release at 8:15. Safe Trades and Merry Christmas!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

The two neighbor antipodean currencies have taken quite a divergent path in 2025, particularly throughout the latter part of the year.While historically tending to stay correlated, this link has weakened as New Zealand's economy suffered from a brutal slowdown, while the Australian economy stayed red hot – Also leading to quite a diverging Monetary Policy. The RBNZ Rate is at 2.25% and has just concluded its cutting cycle, while the Royal Bank of Australia rate is at 3.60% and could potentially hike next year!Both currencies are the leaders of today's FX action that kicks off a shortened Christmas week.(Watch out for low volumes and potentially distorted flows as year-end erratic flows can occur – They could both be traps and opportunities!) zoom_out_map Mid-Session FX Performance – US Dollar taking a hit to start the week. December 22, 2025. Source: Finviz Both currencies are traditionally seen as commodity currencies, but it's quite a general term – Here is what differentiates the AUD and NZD:The New Zealand economy specializes in agricultural exports such as dairy and cattle. It correlates well with price rises in these commodities but was significantly affected by US tariffs targeting such products.The Australian economy, on the other hand, has loved the rally in metals, being a huge exporter of iron, gold, coal, and uranium. With three out of four of these commodities rising significantly this year, demand for the Aussie dollar has surged.Add to these flows their high correlation to Chinese stimulus—heavy work from the PBoC this year—and Stock Indexes which have risen significantly (S&P 500 +16%, Nasdaq +21.50%), both currencies are performing well after this year's huge FX rebalancing. This is even more relevant for the AUD.Let's dive into an intraday chart analysis for AUD/USD and NZD/USD, looking at their technicals and trading levels. Read More:Palladium (XPD/USD) on Track for $2,000 as Metals Rally Extends – Price OutlookWTI Outlook: Oil Bounces From Channel Lows — Major Reversal in 2026?Markets Weekly Outlook - GDP Data, US/Asia Events, and Silver's BreakoutA Quick glance at AUD/NZD zoom_out_map AUD/NZD Monthly Chart, December 22, 2025. Source: TradingView AUD/NZD had fallen drastically between 2010 to 2014 as the Commodity supercycle took a huge turn to the downside after the Great Financial Crisis.Ranging between $1.00 to $1.12 for the majority of the past decade, it seems that longer term trends could be changing again.Up around 8% since Liberation Day, a trend seems to be forming for the Antipodean Pair.Assuming we enter a new Supercycle for metals, the Aussie could be in a better place to capture FX demand. The rest will be contingent on if Metals demand keeps increasing.AUD/USD 8H Chart and Technical Levels zoom_out_map AUD/USD 8H Chart, December 22, 2025. Source: TradingView The Aussie Dollar is performing quite well since last week's close.Bouncing from the 0.66 Psychological support, buyers are taking the lead to push AUD/USD towards the September FOMC resistance 0.6680 to 0.6710.With the USD taking a hit to start the week and commodities rampaging higher, it seems that sellers are for now absent and should not see much resistance before the key level.AUD/USD Technical Levels to keep on your charts:Resistance levels (NZDUSD)Main Support turned Pivot 0.5720 to 0.5750 (testing)Daily highs 0.57300.58 Key Resistance0.59 (+/- 150 pips) ResistanceSupport levels4H 200 MA at 0.5690October Rebound Support at 0.5660 to 0.574H 50-period MA 0.56385January 2025 Support 0.5650NZD/USD 8H Chart and Technical Levels zoom_out_map NZD/USD 8H Chart, December 22, 2025. Source: TradingView The Kiwi is heading towards the 0.58 psychological level and December Resistance, last barrier for the Antipodean to regain a higher trajectory.The Pair had broken out of its major downward channel, that had started in July and accelerated after the huge miss in the Kiwi GDP in September.With the Cutting Cycle done for the RBNZ, the pair could be getting a fundamental boost.NZD/USD Technical Levels to keep on your charts:Resistance levels (NZDUSD)0.58 to 0.5830 December Resistance0.58310 FOMC Highs0.59 (+/- 150 pips) ResistanceSeptember Resistance 0.602025 Highs 0.6120Support levelsMain Support turned Pivot 0.5720 to 0.5750Friday Lows 0.5730October Rebound Support at 0.5660 to 0.57January 2025 Support 0.5650Safe Trades and Merry Christmas!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Palladium (XPD/USD) has lagged the rally in metals throughout the year as Gold and Silver took all the attention, with both consistently moving to respective all-time highs as the debasement trade unfolded. But things could be changing.This rare precious metal is critical for modern industry, serving as a key component in automotive catalytic converters to reduce emissions, as well as in electronics, fuel cells, and hydrogen purification technologies.In 2025, as inflation and tariffs have retaken control of price trends, and amid the competitive chasing for AI advancements which demand robust industrial hardware, metals have gathered high attention and this trend isn't stalling just yet.Palladium is no stranger to explosive moves. zoom_out_map Palladium (XPD/USD) From 2016 to 2022 – Source: TradingView From 2016 to 2021, Palladium staged a massive run from gaining 630%, gathering some attention from Commodity traders.This culminated in a particularly violent squeeze from December 2021 to March 2022, driven by supply fears following the onset of the Russia-Ukraine conflict, as Russia remains a top global producer (about 44% of the global production).Now targeted by proxy trade buyers looking for value, Palladium has become the second-best performing metal in December.It is trading very close to Platinum in monthly performance, up 22% since December 1. zoom_out_map Metal Performance in December 2025. December 22, 2025 – Source: TradingView. For those looking to expand Market knowledge and high volatility commodities, Palladium could offer some decent opportunities in 2026.Let's dive right into a multi-timeframe Analysis of the Precious Metal to see if the current rally has enough potential to reach $2,000 and eventually reach new records. Read More:Markets Today: Gold Breaches $4400/oz, Silver Up 2.75%, Nikkei Rises 1.9% & FTSE 100 Eyes Short-Term PullbackPlatinum reaches $2,000; Palladium breaks 2023 Highs – Metals OutlookUS Indexes Outlook: Santa Rally finally showing up? – Risk-Appetite improves after US CPI missPalladium (XPD/USD) Multi-Timeframe Technical AnalysisDaily Chart zoom_out_map Palladium (XPD/USD) CFD Daily Chart, December 22, 2025 – Source: TradingView Palladium has started the week on a high note, propped higher once again by strong demand around all metals.Officially breaching the $1,800 psychological level and its 2023 highs, the move got quite aggressive to $1,866 highs before seeing a consequent profit-taking move.Momentum seem to be stalling a bit as RSI reaches overbought throughout different timeframes.On the higher timeframe however (for investors or long-term traders) evolving within a daily upward channel since June 2025, the metal is forming a stable uptrend.The challenge for buyers however will be to breach the higher bound of the daily channel if demand is strong enough to push to $2,000.Failing to do so before year-end may trigger interesting mean-reversion setups to retest the October highs at $1,676.Let's take a closer look.4H Chart and Technical Levels zoom_out_map Palladium (XPD/USD) CFD 4H Chart, December 22, 2025 – Source: TradingView Pullback traders will look at the 20-period 4H MA, currently at $1,750 as momentum has reversed on the intra-day timeframe.We will observe on the 1H timeframe if the $1,800 level can hold or if odds for a retracement get higher.Palladium Technical Levels to keep on your charts:Resistance levelsFib-Induced potential resistance at $1,941Session highs $1,8662023 Highs Resistance $1,800 to $1,830 (testing)December 2022 Pivot $1,980$3,410 2022 All-time HighsSupport levels$1,750 to $1,765 Key 1H Support, 4H 20 MA and Channel LowsCurrent Pivot $1,650 to $1,670 (October peak)$1,500 Major Psychological SupportNovember Support $1,350$1,100 September Lows Support1H Chart zoom_out_map Palladium (XPD/USD) CFD 1H Chart, December 22, 2025 – Source: TradingView $1,800 is acting as a short-term magnet, with momentum stalling around here after the explosion and retracement.It will act as a key psychological level for the price action:Failing to breach lower adds to chances of a further upside breakout to $1,900, pointing towards the $1,940 Fibonacci-Extension as targetBreaking the $1,800 (+/- $10) Support Zone offers the possibility of a retracement to the lows of the 1H Upward Channel, which coincide with the 4H 20-Period MA around $1,750.Safe Trades and Merry Christmas!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.