- US MarketsÂ
US equity markets continued their reversal on Thursday, with the SPX index rising 0.34% and the NDX index rising 0.49% by close. Both indices are continuing their rise during Friday’s Asian session, rising 0.27% and 0.32%, respectively.
The rebound was fueled by a series of upbeat macroeconomic data releases yesterday. US Q3 GDP print came in at 4.4% compared to the 4.3% expected; initial jobless claims came in at 200K, better than the 209K expected; and the Core PCE Price Index came in line with expectations at 2.8%, easing tensions on the potential effects of Trump’s tariffs. These added to the already changing sentiment, as investors digested the positive news of Trump’s cancellation of tariffs on European nations. Aside from this, the indices remained supported despite Intel’s post-market 11% decline on weaker revenue guidance from its latest quarterly earnings report, suggesting the broader market’s bullish momentum.
From a technical perspective, the SPX index has recovered above its 9- and 21-SMA levels on the daily chart, suggesting a bullish market structure in the short term. Additionally, the RSI has crossed back above the 50 mark and is sloping upwards, indicating the strong momentum for the index. The index can potentially gain further after crossing the all-time high of $6,997, now about 1% away from current levels.
- US Dollar Index Â
DXY is currently up by about 0.13%.
From a fundamental stance, Trump said that the terms of the Greenland deal meet everything the US wanted. According to him, this is an agreement that everyone is satisfied with. Trump promises decisive measures if Europe begins selling U.S. assets amid rising tensions. On the data front, GDP (Q3 2025) clocked +4.4% q/q (expected +4.3% / previous +3.8%), and the 4- and 8-week bill auctions clocked yields higher than previous auctions. Looking ahead into the day, PMI is expected to garner attention.
From a technical stance, the index is trading at the support of a symmetrical triangle, with the lows of 17th September (96.22), 23rd December (97.85), and 30th December (97.94) supporting a bullish stance on the dollar for the day.
Looking at EURUSD, the currency pair is showing price acceptance at the trendline resistance connecting the highs of 17th September (1.192), 16th December (1.181) and 24th December (1.180). A break above the trendline suggests a bullish stance. Another interesting pair is USDJPY. The currency pair has broken the trendline resistance formed by connecting the highs of 14th January (159.45), 20th January (158.60), and 21st January (158.25), supporting a bullish stance in the sessions ahead. Note that, over the long term, the pair has successfully bounced after retesting the trendline resistance on the weekly chart. The trendline has been formed by connecting the highs of 161.95 on 1 July 2024, 157.90 on 17 November 2025, and 157.75 on 15 December 2025.
- Crude OilÂ
WTI fell by 1.67% yesterday due to easing geopolitical risks, in the early trading hours, WTI is trading at a modest gain of 0.6%.
On a fundamental level, Trump’s softer tone on Greenland and Iran has stripped out much of the geopolitical premium from oil prices. That said, on the upside, WTI continues to find support near the $59.42 level for a third consecutive session, as supply disruptions in Kazakhstan persist and production at the Tengiz field has yet to fully recover. On the downside, crude came under pressure after Ukraine’s President Volodymyr Zelenskiy said talks at Davos delivered security guarantees for Ukraine, reducing near-term escalation risks, even though territorial disputes with Russia remain unresolved. As tensions ease, WTI price action is likely to stay muted, with markets gradually shifting focus toward potential oversupply. Adding to supply concerns, proposed reforms in Venezuela that would allow greater participation by foreign and local companies could weigh on prices over time, even if the near-term impact remains limited.
Technically, WTI is holding support at $59.42, aligned with the 100-day SMA. A break below this level could expose the next support at $58.55, a level tested multiple times. On the upside, resistance stands at $60.78, the recent high. A clear break above could push prices toward $61.05.
- Gold & SilverÂ
Gold rallied further on Friday to a record high of over $4,967/oz, taking the metal’s weekly advance to the highest level since March 2020.
Meanwhile, Silver prices rose by nearly 3% toward $99 per ounce on Friday to fresh record highs amid a weakening dollar and historic short squeeze, strong retail demand, and tightening export controls from China.
President Trump’s statement saying he has secured permanent US access to Greenland which Denmark quickly waved off as a sovereign country under NATO, added to geopolitical headline noise this week. From a macro perspective, US PCE data released Friday showed headline and core inflation rising as expected, indicating disinflation is intact in the face of robust economic activity. The market is now favoring two Fed rate cuts this year, and Trump’s decision as to who will lead the central bank in 2025 is a key event risk; a more dovish candidate would support further rate cut pricing.
Steady central-bank demand is also supportive; Poland’s president announced a plan to buy 150 tons more and accumulation by global reserve managers overall continues. Gold-backed ETFs have added 32 tons so far in 2024.
Gold is consolidating at $4,955 after a sharp rally. The broader trend remains bullish on the back of steady central bank demand and the widely-held expectation for Fed rate cuts. Immediate resistance is at $5,000- $5,049, with support at $4,900–$4,850.
Silver continues to trade above all moving averages on the daily and 4-hour charts. Resistance is around 102.50 and 104.50 and immediate buy zone support is at $93.93–$90.98
