Daily Market Lookup

• Most Asian currencies moved in a tight band on Friday as the dollar rebounded from a near four-year low after U.S. President Donald Trump said he will name his nomination for the next Federal Reserve Chairman later in the day. Most regional units were set for strong gains in January as traders largely pivoted out of the greenback, with the Australian dollar among the best-performing Asian currencies amid growing conviction that the Reserve Bank will hike interest rates next week. The Japanese yen also gained sharply on speculation over government intervention in currency markets. The U.S. dollar, on the other hand, was nursing steep declines for the month as heightened uncertainty over President Donald Trump’s policies, along with rising geopolitical tensions between Washington and other world powers, left traders averse towards the greenback. The Australian dollar was the best performing Asian currency in January, with the AUD/USD pair up nearly 5% this month. The pair fell about 0.6% on Friday but remained close to a near two-year high. The currency was boosted by increasing conviction that the RBA will hike interest rates when it meets next week, especially as consumer inflation data for the fourth quarter showed a sharp increase. The central bank is now expected to raise rates by at least 25 basis points at the conclusion of a two-day meeting on Tuesday, as it moves to curb a late-2025 increase in inflation. Signs of resilience in the Australian economy also give the RBA some headroom to raise rates, although analysts are split over whether the bank will hike again later in the year. The dollar index and dollar index futures rose between 0.2% and 0.5% on Friday, recovering from near four-year lows this week. Strength in the dollar came largely as markets looked to who U.S. President Donald Trump will nominate as the next Chairman of the Federal Reserve after Jerome Powell. Trump said he will name the nominee later on Friday, with his nomination expected to lift a curtain of uncertainty from markets. This uncertainty had also plagued the dollar in recent weeks. The greenback was nursing a 1.8% loss in January– its worst month since August 2025, amid uncertainty over U.S. policy, and concerns of worsening fiscal health in the developed world. Traders were seen pivoting squarely into gold and physical assets, while regional currencies also benefited from dollar selling across the globe.
• Gold slid more than 4% on Friday on rumours the Federal Reserve could get a more hawkish chair, but was still on track for its strongest monthly gain since 1980 as investors flocked to the safe haven amid lingering geopolitical and economic strains. Prices have risen more than 20% so far in January, heading for a sixth straight monthly gain and the largest monthly advance since 1980. U.S. gold futures for February delivery fell 1.8% to $5,225.0 per ounce on Friday. U.S. President Donald Trump said on Thursday he intends to announce his pick to replace Fed Chair Jerome Powell on Friday, with speculation intensifying that the nod will go to former Fed Governor Kevin Warsh. The dollar recovered from multi-year lows, supported in part by the Fed’s decision on Wednesday to leave interest rates unchanged, but was poised for a second straight weekly decline. A stronger dollar makes greenback-priced gold more expensive for overseas buyers. Markets still expect two interest rate cuts in 2026. Gold exports from Switzerland to the UK, home to the world’s largest over-the-counter gold trading hub, jumped to their highest since August 2019, customs data showed on Thursday. The Hang Seng Gold ETF surged more than 9% on its trading debut in Hong Kong in the previous session. Spot silver slipped 3.6% to $111.99 an ounce, after hitting a record high of $121.64 on Thursday. The metal has surged 56% so far this month, on track for its best-ever monthly performance.
• Oil prices fell in Asian trade on Friday after the Donald Trump administration eased some sanctions on Venezuela’s energy industry, potentially freeing up a part of the South American country’s supplies. Markets remained focused on any potential U.S. military action against Iran, while also awaiting a weekend meeting of the Organization of Petroleum Exporting Countries and allies (OPEC+). While prices did fall from a near six-month high, they were set to rise between 12% and 16%, this week, amid bets that geopolitical tensions in the Middle East and a bitter snowstorm in the U.S. will disrupt global supplies. A major production outage in Kazakhstan also boosted crude. The Trump administration on Thursday lifted restrictions on transactions involving Venezuela’s state-run oil company PDVSA, which in turn allows for the sale and transportation of oil from the country by a U.S. entity. The move appeared to be aimed at further bolstering confidence among American businesses to invest in Venezuela– a scenario that Trump had repeatedly called for after Washington seized control of the country’s energy industry earlier in January. Still, Thursday’s move did not include language lifting sanctions on the production of Venezuelan oil. The U.S. takeover of Venezuela’s oil industry had sparked concerns that oil supplies from the country would greatly increase with the lifting of American sanctions. But analysts argued that a production ramp up in the country will take time, given Venezuela’s ageing energy infrastructure and heightened political uncertainty after the U.S. capture of President Nicolas Maduro. The OPEC+ is set to meet on Sunday, with recent reports indicating that the cartel is likely to keep its output unchanged The cartel had raised oil production by around 2.9 million barrels per day through 2025– a move that battered oil prices. But it had then paused its monthly hikes from January, amid growing concerns over an oil supply glut and weakening global demand. In a monthly market report released earlier in January, the OPEC+ had forecast that oil demand will improve in 2026 and 2027, and had also downplayed concerns over a supply glut.

Gold – XAU

Gold on Thursday interaday high of US$5597.99/oz and low of $5098.39/oz. God is down by 0.886% at US$5376.16/oz.

Technicals in Focus:

On the daily charts, gold trades higher than 20DMA (2197). If it drops below this level, it could lead to 2,100. The MACD is currently above the zero line and the histograms are showing an increasing trend, indicating that there may be upward movement in the coming sessions. The RSI is currently at 83.04, which is in the overbought region, suggesting there may be selling pressure in the next 2 to 3 sessions. The Stochastic Oscillator is also in the overbought territory but has given a positive crossover, indicating a bullish stance for intraday trades, but rebound in expected in all the overbought indicators.

Trading Strategy: Sell on Strength

Sell below 5189-5385 keeping stop loss closing above 5385, targeting 5160-5112-5093-5051 and 5010-4990-4944-4900-4876. Buy in between 5151-4806 with risk below 4800 targeting 5160-5189-5200-5219 and 5260-5300-5370-5450 .

Silver - XAG

Silver on Thursday its intraday high of US$106.77/oz and low of US106.77/oz settle down by 1.02% at US$115.61/oz.

Technicals in Focus:

On daily charts, silver is sustaining above 20MA (25.05), breakage above will lead to 23.73. MACD is below the zero line and histograms are increasing trend, bringing a bullish stance in the upcoming sessions. RSI is in the oversold region, indicating a sell signal for now. The Stochastic Oscillator is in the overbought region and gives a positive crossover to show an upside move for the intraday trade.

Trading Strategy: Buy on Dips

Buy in between 109.10-100.60, targeting 110.00-111.15-112.00-113.20 and 114.00-115.00-115.90-117.00 with stop loss should be placed on the breakage below 90.00. Sell in between 110.00-117.70 with a stop loss above 118.00 targeting 1091.0-108.00-107.10-106.50 and 105.50-103.80-102.90-101.50.

Oil - WTI

Crude Oil on Monday high of US$66.22/bbl, an intraday low of US$63.09/bbl, and settled up by 3.05% to close at US$65.24/bbl.

Technicals in Focus:

On daily charts, oil is sustaining above its 100DMA i.e. 75.37, a support level, and breakage above will call for 77.48. MACD is above the zero line and histograms are in increasing mode will bring a bullish stance in the upcoming sessions. The Stochastic Oscillator is in the overbought region, giving a negative crossover to confirm a bearish stance; while the RSI is in the neutral region, more upside can be expected to reach the overbought region, which is highly probable.

Trading Strategy: Neutral to Sell

Sell in between 64.50-68.50 with stop loss at 69.00; targeting 63.80-63.00-62.50-61.90 and 61.20-60.60-60.10-59.40 Buy above 63.80-59.40 with risk daily closing below 59.40, targeting 64.50-65.15-65.70-66.40 and 67.00-67.80-68.50.

EUR/USD

EUR/USD on Thursday an intraday low of US$1.1905/EUR, a high of US$1.1995/EUR, and settled the day up by 0.144% to close at US$1.1966/EUR.

Technicals in Focus:

On daily charts, prices are sustaining above 100DMA (1.1661), which becomes immediate support, a break below will target 1.1695. MACD is above the zero line and histograms are increasing mode, bringing a bullish view. Stochastic is in oversold territory, giving negative crossovers to the bullish outlook for intraday. 14D RSI is currently in a neutral region and giving no directions to consider right now.

Trading Strategy: Neutral to Sell

Sell below 1.1889-1.1990, targeting 1.1850-1.1790-1.1755-1.1690 and 1.1640-1.1590-1.1545-1.1500 with stop-loss at daily closing above 1.1990. Buy above 1.1690-1.1110 with risk below 1.1100 targeting 1.1890-1.1920-1.1950 and 1.1990-1.2010-1.2035.

GBP/USD

GBP/USD on Thursday made a intraday low of US$1.3714/GBP, a high of US$1.3864/GBP, and settled the day up by 0.0130% to close at US$1.3802/GBP.

Technicals in Focus:

On daily charts, prices are sustaining above 50DMA (1.2674) is becoming a support level. 14-D RSI is currently in a neutral region and direction is difficult to predict on an RSI basis. The Stochastic Oscillator is in oversold territory and gives a positive crossover to confirm a bullish stance. MACD is above the zero line, but histograms are increasing leading to movement.

Trading Strategy: Neutral to Buy

Based on the charts and explanations above; buy between 1.3700-1.3200 with a target of 1.3670-1.3700-1.3725 and 1.3760-1.3800 with a stop loss closing below 1.3200. Sell in between 1.3670-1.3820 with targets at 1.3660-1.3410-1.3375-1.3305-1.3245 and 1.3200-1.3140-1.3115-1.3080 with a stop loss of 1.3700

USD/JPY

USD/JPY on Monday made an intra‐day low of JPY153.53/USD an intraday high of 153.53/USD, and settled the day down by 0.213% at JPY153.06/USD.

Technicals in Focus:

In daily charts, JPY is sustaining above 100DMA (152.35), major support on the daily chart. 14-D RSI is currently in the overbought region and chances of downward are expected based on RSI. MACD is above the zero line but histograms are decreasing mode which might lead to downward movement. The Stochastic Oscillator is in overbought territory and signaling to sell as it has given a negative crossover to confirm a bearish stance.

Trading Strategy: Neutral to Sell

Sell below 154.60-160.10 with risk above 160.10 targeting 157.10-156.00-155.40-154.60 and 154.00-153.60-153.20-152.65. Long positions above 154.00-148.00 with targets of 155.00-155.40-155.90-156.50 and 157.10-157.60-158.20-158.60 with stops below 148.00.