⚔️ Markets closed the week with powerful cross-asset themes in play, led by a historic surge in gold.

🥇 XAU/USD notched its strongest annual performance since 1979, breaking above $4,500 as collapsing real yields, aggressive Fed rate-cut expectations for 2026, central-bank buying, and elevated geopolitical risks drove relentless safe-haven demand.

🛢 Energy markets moved the opposite way, with WTI sliding sharply as optimism around Ukraine–Russia peace talks revived fears of excess global supply despite ongoing geopolitical disruptions.

💴💵 In FX, the yen softened in thin year-end trading as fiscal expansion concerns outweighed the Bank of Japan’s recent hike and intervention warnings, while the US dollar remained under pressure near multi-month lows as rate-cut bets persisted.

💵💴 USD/JPY: 156.50 — Rebounds after three days of losses as yen softness returns in thin trade, with the pair pressing back toward the 156.50 resistance zone.

🇦🇺🇯🇵 AUD/JPY: 105.03 — Extends its bullish advance as price holds firmly above key averages, keeping the uptrend intact with 109.00 as the next upside target.

🥇 XAU/USD: 4,532 — Surges to fresh record highs and secures a weekly close above 4,500 as Fed cut expectations and momentum-driven buying accelerate.

🛢 USOIL: 56.90 — Slides for a second session as peace-talk optimism weighs on prices, shifting focus toward the 55.15 support level.

🇺🇸3️⃣0️⃣ US30: 48,688 — Ends marginally lower but remains near record highs as Santa-rally optimism persists despite holiday-thinned volumes.

🇺🇸5️⃣0️⃣0️⃣ SP500: 6,929 — Holds just off record territory after a strong two-week run, with bulls defending gains ahead of the 6,950 psychological level.

🟡🐕 DOGE/USD: 0.1222 — Extends losses for a fourth session as heavy derivatives activity fails to lift price, keeping 0.1220 as key near-term support.

🔵ʤ XTZ/USD: 0.4787 — Rallies for a second straight session as buyers push price toward the 0.5007 resistance area.

🚗🔌🔋 TSLA: 475.19 — Drops for a third session after rejecting 488.70 resistance as regulatory scrutiny and Cybertruck concerns pressure sentiment.

🇺🇸✈️ AAL: 15.44 — Slips as widespread winter storm disruptions trigger mass flight cancellations, with downside risk building toward 14.47 support.

Hong Kong trade data offers an early read on regional demand and China-linked trade flows. Strong import and export growth would signal resilient external demand and support broader Asia risk sentiment, while a slowdown could weigh on regional equities and currencies.

The Dallas Fed index provides a timely snapshot of US manufacturing conditions. An improvement toward zero would reinforce signs of stabilization in the industrial sector, while a weaker reading would revive growth concerns and strengthen expectations for Fed easing.

🥇 XAU/USD up 4.47% → Gold delivered one of its strongest weekly performances of the year, smashing above $4,500 and printing a record weekly close, fueled by collapsing real yields, aggressive Fed cut pricing for 2026, sustained central-bank buying, and heightened geopolitical risk. Thin year-end liquidity magnified upside momentum.

🇦🇺🇺🇸 AUD/USD up 1.58% → The Australian dollar pushed to 14-month highs as RBA hike expectations for early 2026 contrasted sharply with a softening USD outlook. Rising Australian inflation, supportive RBA minutes, and broad USD weakness kept AUD firmly bid despite thin liquidity.

🇳🇿🇺🇸 NZD/USD up 1.20% → Kiwi held firm near multi-week highs as persistent USD softness offset risk-off undertones. Broad G10 USD selling and year-end positioning supported NZD even as volatility remained compressed.

🇬🇧🇺🇸 GBP/USD up 0.93% → Sterling stabilized and edged higher as USD bearish sentiment dominated despite mixed UK data. Thin holiday trading muted follow-through, but dollar softness allowed GBP to defend gains into the close.

🇪🇺🇦🇺 EUR/AUD down 0.99% → EUR/AUD slid as AUD outperformance overwhelmed the euro, driven by diverging RBA–Fed policy outlooks. While the euro found intermittent support from data, yield differentials and capital flows favored AUD, keeping the cross under pressure.