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ProjectSyndicate Market Summary | Weekly Update

📊 WTD performance

🟡 GOLD (XAUUSD): ~4,334.40 | +2.30 (+0.05%)
💶 EURUSD: ~1.1735 | −38 pips (−0.32%)
💷 GBPUSD: ~1.3475 | −38 pips (−0.28%)
💴 USDJPY: ~156.60 | +55 pips (+0.35%)
📈 SPX: ~6,848.0 | −58.0 (−0.84%)
📈 NDX: ~25,391.0 | −134.0 (−0.53%)

🟡 Gold remains the standout macro trade. After an exceptional ~65% gain in 2025 YTD, XAUUSD is consolidating above the 4.3k handle, with dips continuing to attract demand as traders reassess rate-cut expectations and USD direction into early 2026.
💶💷 EUR and GBP eased modestly vs USD in thin holiday liquidity, with price action largely range-bound and driven by positioning rather than fresh macro catalysts.
💴 USDJPY firmed back toward the mid-156 area, reflecting resilient US yields and ongoing uncertainty around the pace of BoJ normalization.
📈 US equities opened the year on a softer footing, with SPX and NDX pulling back WTD but still holding near elevated, historically stretched levels.

⚡️Key GOLD levels into next week

📉 Support
4,330–4,300: Near-term demand zone / dip-buy area
~4,240: Deeper structural support if volatility expands
📈 Resistance
4,380–4,400: Immediate upside cap and momentum test
~4,450: Upper resistance / trend extension barrier
4,550: Major upside target if trend resumes decisively

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