Market Analysis Summary: Gold and Palladium Rally Amid Tariff Uncertainty
Author: Elior Manier
Date: January 9, 2026
Overview
The article discusses the recent market movements in precious metals, particularly gold (XAU/USD) and palladium (XPD/USD), following a Supreme Court decision day that left traders in suspense regarding U.S. tariffs. The anticipated decision, which could significantly impact metals demand, has been postponed until at least January 19, 2026.
Market Reactions
After the non-farm payroll (NFP) report, the U.S. Dollar Index rose above 99.00, reflecting volatility in the markets. The lack of a decision on tariffs has led to a rally in precious metals, with gold trading above $4,500 and silver nearing $80 per ounce. The article notes that the market had priced in expectations of tariff changes, which could either support or hinder demand for these metals.
Key Points:
- Struck down tariffs could negatively affect metals demand.
- Withheld tariffs may lead to increased demand for dollar-diversification.
- Gold and palladium are experiencing upward price movements amid uncertainty.
Technical Analysis
Gold (XAU/USD)
Gold is currently consolidating above $4,500, with strong bullish momentum. The article emphasizes the importance of the weekly close above this level, as it could influence future price movements. However, a bearish divergence in the RSI may signal potential downward pressure.
Key levels to watch for gold include:
- Resistance: $4,550 (all-time high), $4,666 to $4,680 (Fibonacci projection)
- Support: $4,400 (major pivot), $4,280 (mini-support)
Palladium (XPD/USD)
Palladium is facing resistance at the $2,000 psychological level, having risen significantly throughout 2025. The article notes that palladium's performance is closely tied to other metals like gold and silver.
Key levels for palladium include:
- Resistance: $1,900 to $1,930 (immediate resistance), $2,080 (major resistance)
- Support: $1,720 to $1,730 (key intraday support), $1,650 to $1,670 (current pivot)
Conclusion
The article concludes that while the current market sentiment is bullish for gold and palladium, traders should remain cautious of potential technical signals that could indicate a shift in momentum. The upcoming Supreme Court decision on tariffs will be crucial in determining the future trajectory of these precious metals.
For further insights and updates, follow Elior Manier on Twitter/X.