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USDX (US DOLLAR INDEX)
- It may not feel like a trend but USDX has 6 green daily up candles in a row.
- However, this is still just a retracement unless/until 98.79 is taken out.
- EURO is 57.6% of the dollar index and as such, it is often used as a proxy for the EURUSD.
- In this regard, key EURUSD support is 1.1702, which would need to be taken out for USDX to make a run at 98.79.
USDX DAILY CHART
Newsquawk Daily US Opening News
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XAUUSD (GOLD) UPDATE
- Starting the year on a positive note. boosted by President Trump’s threat to take action to rescue peaceful protestors if Iran opens fire on them.
- Needs to break 4404 and stay above it to build fresh momentum to the upside.
- The only resistance above it is the record 4549 high so 4404 would need to become support to put it back on the radar.
XAUUSDÂ 4 HOUR CHART
Forex Market Snapshot
Welcome ti 2026
- The dollar is opening the year trading mixed, up vs the EUR. JPY, CHFand GBP while down vs the AUD. and NZD
- Gold is up to start the year after an end of year retracement.
- US stock indices have recouped the late drop seen in last four hours of 2025
- FTSE trades at 10000 for the first time ever.
- US S&P Global Manufacturing PMI due today
- It is hard to draw conclusions from the first trading day of the year, especially as it cones on a Friday with many still on holiday.
XAUUSD (GOLD) UPDATE
- When XAUUSD broke down this week I cited 4257-71 as support blocking exposing 4200. Low today 4271 following the run through stops.
- For today, those trading are at the mercy of thin end of the year flows where 4271 needs to hold and 4300 (likely pivot) needs to be regained to suggest the low is in.
- 4373 needs to be taken out to negate the downside risk.
XAUUSDÂ 4 HOUR CHART
Forex Market Snapshot
- The dollar is firmer ahead of the US opening in cautious, thin last day of the year trading.
- EURUSD is trading softer while below 1.1750, currently lagging GBPUSD (note firmer EURGBP).
- GBPUSD has broken a 5-day pivot around 1.35, a negative sign in a normal market.
- US stocks are trading lower.
- GOLD has had a wild ride and currently back above 4300 after running stops below it.
- US weekly jobless claims highlight a thin calendar.
- Most centers close early today. US stock markets will trade a normal session.
US500 (SP500) UPDATE
- Remains trapped in a range around 6900, one too tight to last, if not pre-new year then after.
- Chart shows current momentum, although weak is tilted more down than up.
- Current range: 6888-6915, wider at 6855-6943.
Two scenarios:
- If 6915 holds as resistance, then a 6888 break would increase downward momentum.
- If 6915 breaks, then momentum shifts where the record 6943 high comes back on the radar.
US500 4 HOUR CHART
FOMC Minutes Preview
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Market Update: End-of-year flows dominating
- USD up…GBPUSD (down) initially leading EURUSD lagging but playing some catchup, testing sub-1.1750, still pivotal
- US stocks indices remain in tight ranges but unable so far to catch a bid (US500 testing sub-6900)
- XAUUSD backing off from 4400+. As noted yesterday, …should there be a bounce, assume there are underwater longs lying in wait hoping to get out at breakeven or better.
- With spec interest light, it is hard to count on follow through.
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