Platinum price leaned in its last trading above %2.0 Fibonacci extension level at $2230.00, to form strong bullish rally this morning to surpass the barrier at $2320, recording some gains by hitting $2375.00 level.
Despite the continuation of the main indicators’ contradiction, the stability above $2320.00 will provide a chance for resume the bullish attempts, to expect targeting $2415.00, to repeat the pressure on the resistance at $2467.00.
The expected trading range for today is between $2265.00 and $2415.00
American Express Company (AXP) stock price recorded a pullback in its latest intraday trading, influenced by the stabilization of the key resistance level at $387.50, as the stock attempts to build positive momentum that could help it break above this resistance later on. This comes amid continued dynamic support from trading above its SMA50, which reinforces the stability and dominance of the main short-term upward trend, with price action moving along a supportive trend line.
Therefore we expect the stock price to rise in upcoming trading, but only if it first succeeds in breaking above the $387.50 resistance level, to target the next resistance at $410.00.
The Euro looks as if it is trying to fight back against the pound, but it continues to fail. Every time it rallies, it seems to slump a bit, and I’m watching this 200-day EMA in this pair for potential support. If we were to break down below there, then we could open up the possibility of a move down to the 0.86 level.
The 0.86 level, of course, is an area that’s been important multiple times, and if we can break down below there, we really start to see the momentum pick up. I do prefer the pound over the Euro, no doubt about it, but at this point in time, I think we’re still trying to set the tone, whether or not we can actually break down. This is a market that features two central banks, one in Europe, which is sitting still, and the other in London, which, of course, has recently cut, but it’s going to be very slow, so the interest rate differential will continue to favor the British for quite some time.
For a look at all of today’s economic events, check out our economic calendar.
Political noise in the United States boosted demand for the safe-haven metal.
The US Consumer Price Index is foreseen up by 2.7% YoY in December.
XAU/USD trades above $4,600, maintaining its positive momentum.
Spot Gold reached fresh all-time highs on Monday, nearing the $4,630 mark and trading nearby in the American session. The US Dollar (USD) fell on the back of political tensions in the United States (US) on the back of fresh tensions between President Donald Trump and Federal Reserve’s (Fed) Chair Jerome Powell.
The US Department of Justice opened a probe into Powell over the renovations of the central bank’s headquarters, and accused him of lying before Congress. Chair Powell responded: “The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.”
Meanwhile, US President Trump continues his campaign to take over Greenland. The Danish region, rich in rare earth elements and other minerals, has become the latest target of Trump. Let’s not forget he also pledged to “help” the Iranian people, after days of widespread protest against the government.
The same catalysts pushed investors into safe-haven gold, sending XAU/USD to record highs.
Meanwhile, investors await fresh US data. The country will release the December Consumer Price Index (CPI) on Tuesday. Annual inflation, as measured by the CPI is foreseen at 2.7% YoY in the month, up from the 2.6% posted in November. The monthly increase is foreseen at 0.3%, matching the previous month’s reading.
XAU/USD short-term technical outlook
The 4-hour chart shows that XAU/USD is extremely overbought, but shy downward corrections suggest buyers are still willing to push it higher. The 20-period Simple Moving Average (SMA) stands above the 100 and 200 SMAs, and all three slope higher, underscoring a firm bullish bias, with the 20 SMA at $4,502.36 offering nearby dynamic support. At the same time, the Momentum indicator eases from extreme levels, while the Relative Strength Index (RSI) indicator stands at 76, also losing upward momentum. A firmer pullback would be cushioned by the 100 SMA at $4,430.87-
In the daily chart, XAU/USD is poised to extend its advance. The 20-day SMA climbs above the 100- and 200-day SMAs, all of them far below the current level. Meanwhile, the Momentum indicator aims north within positive levels, while the RSI indicator accelerates higher, now at 71, without any sign of upward exhaustion.
(The technical analysis of this story was written with the help of an AI tool.)
The British pound found itself struggling for strength during the trading session on Friday, and even though the United States released a weaker than anticipated jobs report on Friday, it ended up being a situation where the dollar strengthened anyways.
That’s kind of interesting, and that tells me that the stubbornness of the US dollar may persist.
Technically speaking, we have the 50-day EMA sitting at the 1.34 level, which is a large, round, psychologically significant figure and an area that I think will attract a lot of attention.
Key Technical Levels and Market Sentiment
If we were to break down below there, then we would have the possibility of a drop down to the 1.32 level. On the upside, we have the 1.35 area being more or less a magnet for price, and then the 1.3550 level being a major barrier.
In general, I think we are still very much in consolidation, but if we break down below the lows of the Friday session, then you start to see the British pound fall. I would also watch the US dollar against multiple other currencies as well, due to the fact that they do tend to move in the same direction with regard to the greenback.
What I find interesting about this, as I said previously, is that the US dollar strengthened despite the fact that the job numbers ended up being only 50,000 jobs added instead of the anticipated 65,000. This tells me that the 1.35 area might end up being a bit of a swing high. It certainly has the look of a market that could roll over here, so I’ll be watching this one very closely.
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
U.S. Natural Gas Fund (UNG) showed a roughly 4% gain in premarket trading, bouncing back after a steep fall on Friday.
NYMEX February natural gas futures edged up early Monday as traders reevaluated U.S. temperature forecasts.
Attention shifts to Thursday’s EIA storage report, with traders watching to see if mid-January’s cold snap impacts demand.
Shares of the United States Natural Gas Fund (UNG) showed gains in Monday’s premarket, following a rebound in U.S. natural gas futures. The bounce comes after a selloff late last week, driven by forecasts for warmer weather. (Investing)
This shift is crucial since weather has been behind the daily swings in gas prices, with traders relying on funds like UNG to play short-term moves. Winter demand can flip fast, and the market responds just as swiftly.
The stage is set for a volatile week. A change in the mid-January temperature forecast or Thursday’s storage report could jolt the front-month contract—and ripple through gas-linked ETFs.
UNG last traded pre-market at $10.79, per Investing.com, after closing Friday at $10.40—a 7.72% drop. Volume hit about 41.1 million shares Friday, far exceeding its three-month average near 15.9 million, the data revealed. (Investing)
February Henry Hub natural gas futures hovered near $3.26 per million British thermal units (mmBtu) early Monday, gaining roughly 3% on the day following a drop to a 2.5-month low last Friday. (Barchart)
The rebound comes after new model forecasts showed colder weather spreading over much of the country, despite forecasts for weak near-term demand lasting a few days. (TradingView)
“Daily weather-driven demand could hit a short-term low” before bouncing back, EBW Analytics senior analyst Eli Rubin said in a note picked up by Dow Jones Newswires. He also pointed to “increasing consensus” around a “chilly back half of January.” (Fastbull)
Storage continues to weigh heavily. According to the EIA, working gas in underground storage was 3,256 billion cubic feet for the week ending Jan. 2, marking a 119 Bcf drop from the previous week. Inventories remained roughly 31 Bcf above the five-year average but were down 3.6% compared to the same time last year, the agency’s data revealed. (EIA Information Releases)
Leverage is pushing the moves further. ProShares Ultra Bloomberg Natural Gas (BOIL), a 2x leveraged fund, dropped roughly 13.6% in the last session. Meanwhile, the inverse ProShares UltraShort Bloomberg Natural Gas (KOLD) climbed about 13.9%.
That said, the outlook isn’t one-sided. Should forecasts turn warmer once more, or if storage withdrawals fall short of projections, the front-month contract might slip back toward last week’s lows, dragging the ETFs down too.
The US dollar rallied nicely during the Friday session, despite the fact that the Non-Farm Payroll announcement was weaker than expected.
The US dollar rallied quite significantly during the trading session on Friday to test the crucial 158 yen level. The 158 yen level, of course, is an important area to pay close attention to, and if we can break above there, then I think it truly unleashes the US dollar to go much higher.
The Japanese yen has been struggling for a while, and with the interest rate differential favoring the US dollar the way it does, I do think we break out eventually. I have been buying dips in this pair for as long as I can remember and building a position. If we can break above the 158 yen level on a daily close, then it opens up the possibility to the 160 yen level.
Long-term Outlook and Interest Rate Differentials
Short-term pullbacks, I think, open up the possibility of value yet again with a floor in this market closer to the 154.50 yen level. The Bank of Japan is currently threatening to raise interest rates, but they just have far too much in the way of debt and plenty of other concerns about blowing up the entire carry trade to truly do so aggressively.
The Federal Reserve is likely to cut rates a couple of times during 2026, but it is a bit slower than anticipated, and of course, it is worth noting that inflation is a little sticky at this point, so pay close attention to that. I still like this pair. I get paid at the end of every day for holding it and have continued to do so for several months. Whether or not we can break above 160 yen remains to be seen because it was an area of intervention quite some time ago, so there might be some market memory there.
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
Silver price surged high in its last intraday trading, to breach the historical resistance level at $81.00, this resistance represents our expected targe in our previous analysis, approaching from recording new all-time highs, amid the continuation of the dynamic support that is represented by its trading above EMA50, reinforcing the strength and stability of the main bullish trend on the short-term basis, especially with its trading alongside trendline, on the other hand, we notice the emergence of negative signals from the relative strength indicators, after reaching overbought levels, which might reduce the upcoming gains.
The Euro to Dollar exchange rate has drifted lower towards the 1.16 area after the dollar secured net gains during the week.
With US data firm enough to dampen expectations of a near-term Federal Reserve rate cut, markets are increasingly focused on whether the Fed will validate or push back against still-dovish pricing for 2026.
That reassessment is set to be the dominant driver for EUR/USD in the near term.
EUR/USD Forecasts: Fed centre stage
Credit Agricole forecasts EUR/USD will retreat to 1.14 by mid-year with a further slide to 1.10 at the end of the year.
After a hesitant short-term performance, ING forecasts that EUR/USD will strengthen to above 1.20.
The dollar secured net gains during the week and EUR/USD retreated to lows just below 1.1620.
Save on Your EUR/USD Transfer
Get better rates and lower fees on your next international money transfer.
Compare TorFX with top UK banks in seconds and see how much you could save.
There was mixed US data, but the data was strong enough that markets considered that a further Fed rate cut in January was even less likely.
Geo-political developments will remain a key element of major developments at the start of 2026.
According to Credit Agricole, President Trump’s decision to remove Venezuelan President Maduro could prolong the Ukraine war by lessening pressure on Russian President Putin to make a deal.
It noted; “The conflict in Ukraine could remain a huge source of uncertainty and thus a drag on the Eurozone business and consumer confidence in the foreseeable future. We further doubt that the Eurozone would benefit from any sustained drop in energy prices on the back of growing Venezuelan oil exports just yet.”
Market positioning could also be a significant factor
Credit Agricole commented; “We further note that the EUR remains one of the biggest longs in G10 FX according to our FX positioning data.”
ING expects net dollar losses; “A large part of the dollar’s 10% decline was attributed to currency hedging rather than an outright sale of US assets. We think this move could extend a little further in 2026, given our house call for another 50bp of Fed rate cuts and the acceleration of the eurozone economy on the back of German fiscal stimulus. We’re still happy with our call that EUR/USD ends 2026 somewhere around 1.22.”
According to UBS; “With markets currently assigning a low probability to a January rate cut, the risks are tilted toward USD weakness if the data disappoint and increase the likelihood of a cut.”
Credit Agricole expects a reassessment of Fed policy; “Evidence today that the US labour market conditions and consumer confidence are improving while the FOMC remains noncommittal with respect to further policy easing could encourage US rate markets to reassess their still dovish Fed outlook, in a boost to the USD.
MUFG expects dollar losses, especially with a positive Euro outlook.
The bank expects no further rate cuts; “We see the ECB as on hold this year as any miss to the downside for inflation is unlikely to be large and persistent, and GDP growth should reduce the need for additional rate cuts.”
The bank also expects central bank Euro demand; “Assuming dollar reserves continue to decline (our view) we see the euro better positioned to take up a greater role in diversification. It remains the second largest currency in reserves but well below the pre-GCF peak of around 28% and the end negative rates and economic stability could see a return of central banks.”
Like this piece? Please share with your friends and colleagues:
International Money Transfer? Ask our resident FX expert a money transfer question or try John’s new, free, no-obligation personal service! ,where he helps every step of the way,
ensuring you get the best exchange rates on your currency requirements.
Platinum price leaned in its last trading above %2.0 Fibonacci extension level at $2230.00, to form strong bullish rally this morning to surpass the barrier at $2320, recording some gains by hitting $2375.00 level.
Despite the continuation of the main indicators’ contradiction, the stability above $2320.00 will provide a chance for resume the bullish attempts, to expect targeting $2415.00, to repeat the pressure on the resistance at $2467.00.
The expected trading range for today is between $2265.00 and $2415.00
