Web Trader MT5 
Key Takeaways
- Silver surged to fresh all-time highs above $75, extending its rally amid strong industrial demand and aggressive inflows into precious metals.
- Gold broke above $4,500, setting a new record as investors increased hedging against currency debasement.
- The U.S. dollar weakened further, with the DXY sliding below 98 as rate cut expectations for 2026 intensified.
- Forex markets saw increased volatility, with major currencies gaining ground against the dollar.
- Bitcoin remained under pressure, struggling to regain upside momentum after recent sell-offs.
- Overall market sentiment tilted toward hard assets, as precious metals outperformed both equities and digital assets.
Gold Breaks Above $4,500. Silver Surges to $75
Gold delivered one of its strongest weekly performances of the year, breaking above the psychological $4,500 level. The move was driven by a combination of sustained dollar weakness, and growing concerns over long-term fiscal and monetary stability in major economies.
Investor demand remained robust across both institutional and retail segments. Central bank buying also continued to underpin the rally. Technically, the breakout above $4,500 has shifted gold into price discovery mode, with momentum indicators pointing to continued upside potential as long as macro conditions remain supportive.
Silver outperformed gold once again, breaking above $75 on Friday 26 December to reach new all-time highs. The rally was fueled by a powerful mix of safe haven demand and strong industrial consumption expectations, particularly from the renewable energy and technology sectors.
Unlike gold, silver’s price action reflected higher volatility and stronger momentum, attracting speculative flows alongside long term investors. The gold-to-silver ratio continued to compress, reaching 60.40 by the end of the week. This highlights silver’s relative strength in the precious metals complex.
S&P500 breaks a new record high. Dow Jones and Nasdaq show modest gains
U.S. equity markets ended the week positively. Nasdaq 100 and Dow Jones managed to hold near record highs, supported by continued optimism around economic resilience. While the S&P500 surged to record highs above 6,930.
Nasdaq underperformed broader indices, weighed down by profit taking in mega cap technology and AI-related stocks that had led the rally earlier in the year. Elevated valuations prompted investors to rotate toward defensive and value sectors, particularly those that stand to benefit from lower interest rates without relying on aggressive growth assumptions. The index ended the week at 25,644 near its monthly high.
Financials and industrials showed relative strength, reflecting expectations of stable earnings and improved financing conditions, while consumer discretionary stocks were mixed amid concerns over slowing real income growth.
Cryptocurrencies remain range bound. Bitcoin Fails to Hold above $90,000
The cryptocurrency market remained under pressure and directionless during the week. Bitcoin struggled to sustain rebounds, reflecting a cautious risk environment and competition from outperforming assets such as gold and silver. The cryptocurrency traded in a tight range between $86,000 and $91,000 and with a relatively thin liquidity.
Ethereum and major altcoins also showed weakness despite the long-term narratives around adoption and regulation remaining intact. Short-term price action suggested capital rotation to other assets. Ethereum struggled to settle above the $3,000 psychological level.
Key Economic Data of the week
- Canada’s GDP contracted 0.3% in October in line with expectations.
- The US economy grew strongly in Q3 of 2025 by 4.3%, up from 3.8% in Q2
- Weekly unemployment claims in the US fall to 214K compared to 224K in the week before.
- The unemployment rate in Japan remains at 2.6% in November.
Major Economic Calendar Events for the Upcoming Week
| Date | Metric | Country | Previous | Time [Dubai] |
| Monday, 29 December | Pending Home Sales m/m | USA | 1.90% | 7:00 PM |
| Tuesday, 30 December | ADP Weekly Employment Change | USA | Tentative | |
| Tuesday, 30 December | FOMC Meeting Minutes | USA | 11:00 PM | |
| Wednesday, 31 December | Unemployment Claims | USA | 214K | 5:30 PM |
| Friday, 2 January | Manufacturing PMI | Canada | 48.4 | 6:30 PM |
| Friday, 2 January | Final Manufacturing PMI | USA | 51.8 | 6:45 PM |
Technical Analysis and Forecast:
Gold Technical Analysis
Gold remains in a strong bullish trend on the daily timeframe. Price is trading above the 5, 10, and 30 moving averages, with all three sloping upward, which confirms sustained upside momentum. The recent push above the $4,500 level marks a continuation of higher highs, suggesting buyers remain in control despite the extended rally. Importantly, pullbacks have been shallow and consistently defended near the fast and medium moving averages.
MACD is firmly positive and expanding again after a period of consolidation, which supports the idea that bullish momentum is still ongoing. As long as gold holds above the previous consolidation zone around $4,400–$4,450, the trend remains intact.
Gold Daily Chart
| Resistance | $4,531 – $4,550 | $4,572 – $4,580 | $4,600 – $4,612 |
| Support | $4,430 – $4,449 | $4,370 – $4,382 | $4,300 – $4,311 |
Bitcoin Technical Analysis
Bitcoin is currently in consolidation phase. Price is trading below the 30-day moving average but slowly trending upward, which signals that bulls are still in recovery mode. The recent price action shows a series of higher lows but capped upside, suggesting range formation.
MACD reflects this uncertainty clearly as the MACD line remains close to the zero line, indicating that bullish momentum is tentative and not yet dominant. A sustained daily close above the $92,000–$95,000 zone, combined with a MACD expansion, would be needed to confirm a bullish trend resumption. Until then, Bitcoin remains technically neutral with a slight bullish bias.
Bitcoin Daily Chart
| Resistance | $90,587 – $90,621 | $94,535 – $94,582 | $98,945 – $99,000 |
| Support | $86,386 – $86,400 | $83,824 – $83,850 | $80,632 – $80,654 |
S&P500 Technical Analysis
The S&P 500 continues to trade within a strong medium term uptrend, despite recent volatility. Price remains above the 30-day moving average, which has acted as dynamic support throughout the rally. The recent bearish correction was short lived, and the index quickly reclaimed the short-term moving averages, suggesting that institutional demand remains intact.
MACD support this constructive outlook and it has turned back upward after dipping into negative territory, with the MACD line crossing higher. As long as the index holds above the 6,800–6,850 support zone, the broader bullish structure remains valid, with upside continuation toward new highs still favored over a deeper correction.
S&P500 Daily Chart
| Resistance | 6,942 – 6,950 | 6,976 – 6,980 | 6,997 – 7,000 |
| Support | 6,891 – 6,900 | 6,851 – 6,860 | 6,790 – 6,800 |
EURUSD Technical Analysis
EURUSD is currently showing resumption of an uptrend as price is recording higher highs and higher lows. It is testing the upper end of its recent range.
The shorter term moving averages MA(5) and MA(10) are currently sloping upward and sitting above the longer-term 30-day average, which is acting as a dynamic support level, currently sitting around 1.1650 area. As long as the price stays above this level, the intermediate trend remains bullish.
MACD line is above the signal line and both are above the zero level. This indicates that bullish momentum is currently dominant.
If the price clears the recent cluster of highs near 1.1800, it will likely attempt a retest of the major psychological resistance at 1.1900. However, if the MACD completes a bearish cross, expect a retracement back toward the 30-day moving average at 1.1650.
EURUSD Daily Chart
| Resistance | 1.1807 – 1.1820 | 1.1854 – 1.1860 | 1.1892 – 1.1900 |
| Support | 1.1743 – 1.1750 | 1.1720 – 1.1731 | 1.1697 – 1.1700 |
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