Market Analysis Summary - Metals Face Profit-Taking as Key Data Looms
Date: January 8, 2026
Market Highlights
In December, U.S. private payrolls increased by 41,000, reversing a decline from the previous month, as reported by ADP. President Donald Trump announced a ban on Wall Street institutions purchasing single-family homes. U.S. equities displayed mixed results: the S&P 500 fell by 0.34%, primarily due to declines in financial stocks like JPMorgan and Blackstone, while the Nasdaq rose by 0.16%, buoyed by gains in AI-related stocks such as Nvidia and Alphabet. The Dow Jones Industrial Average decreased by 0.94%.
The U.S. dollar remained stable against major currencies as traders adjusted their positions ahead of significant labor market data releases. The U.S. Dollar Index saw a slight increase of 0.07%, reaching 98.68.
Gold prices experienced a drop of over 1% as investors engaged in profit-taking following a recent rally. However, losses were mitigated by weaker-than-expected U.S. employment data, which bolstered expectations for Federal Reserve rate cuts. Spot gold settled at USD 4,452.77 per ounce, down 0.98%. Meanwhile, international oil prices continued to decline as the market reacted to Trump's agreement to import up to USD 2 billion worth of Venezuelan crude oil, which is anticipated to increase supply for the U.S.
Key Outlook
On Thursday, a significant amount of Eurozone data is expected, particularly the November Producer Price Index (PPI) and the unemployment rate. The PPI is forecasted to show modest month-on-month growth of 0.2%, which is unlikely to change the European Central Bank's current policy trajectory. The unemployment rate is expected to remain steady at 6.4%. Additionally, U.S. weekly initial jobless claims are anticipated to rise to 210,000 from the previous 199,000.
Key Data and Events Today
- 15:00 EU GERMANY Factory Orders MoM NOV
- 18:00 EU Unemployment Rate NOV
- 18:00 EU PPI MoM NOV
- 21:30 US Initial Jobless Claims
- 21:30 US Balance of Trade OCT
- 21:30 CA Balance of Trade OCT
Market Analysis
EUR/USD
Resistance: 1.1712/1.1734 | Support: 1.1644/1.1615
The EUR/USD pair eased towards 1.168 as softer German inflation impacted eurozone yields. The dollar remained supported ahead of the NFP data, with a descending structure observed in the pair.
GBP/USD
Resistance: 1.3485/1.3505 | Support: 1.3426/1.3402
GBP/USD retreated after failing to maintain above the resistance zone, indicating a loss of bullish momentum. The pair is currently testing support levels.
USD/JPY
Resistance: 157.18/157.44 | Support: 156.08/155.82
USD/JPY remains capped below the resistance zone, with price consolidating as firm U.S. yields support the dollar.
US Crude Oil Futures
Resistance: 56.92/57.38 | Support: 55.54/54.97
WTI crude oil prices eased towards $56, influenced by Trump's Venezuela oil deal, which raised supply expectations.
Spot Gold
Resistance: 4509/4550 | Support: 4412/4379
Gold prices fell amid profit-taking, but the broader uptrend remains intact, supported by expectations of a Fed rate cut.
Dow Futures
Resistance: 49772/50088 | Support: 48742/48431
Dow Futures retreated after reaching record highs, with technical indicators showing a consolidation phase.
NASDAQ 100
Resistance: 26179/26449 | Support: 25290/25016
The NASDAQ 100 outperformed, supported by AI and tech stocks, while remaining range-bound.
Bitcoin
Resistance: 92,331/93,571 | Support: 89,604/88,385
Bitcoin slipped towards $92,000 amid geopolitical risks and caution ahead of the NFP data.
Enjoy trading!