Quiet Calendar, Loud Charts: Gold and Silver Shine Into Christmas

Hello traders, welcome to Christmas week. You may think that not much is happening on the market, and to some extent that is true. Volatility is lower than usual, liquidity is thinner, and many traders are closing positions rather than opening new ones. Still, despite the holiday environment, there are some very clear and interesting market movements that are worth paying attention to.

Starting with indices, the sentiment remains positive. Indices opened with a bullish gap and are pushing higher, largely supported by the very strong and optimistic session we saw on Friday. There is no panic, no heavy distribution, just a continuation of the positive tone, helped by low participation and the absence of negative macro catalysts.

On the currency market, we can clearly see weakness in the American dollar, Canadian dollar, and Swiss franc. At the same time, there is visible strength in the antipodean currencies and also in the Japanese yen. These moves are not aggressive, but they are consistent and clean, which is typical for a holiday environment where trends can extend quietly without much resistance.

Where things get truly interesting is on the commodity market. Gold is making new all-time highs, trading firmly above the psychological $4,400 level, confirming very strong bullish sentiment. Silver is following the same path and is also printing new all-time highs, showing broad-based strength across precious metals. Oil is also joining the party, trading at its highest levels since last Monday and continuing its recovery. Commodities are clearly the most volatile and most active asset class at the moment. Finally, Bitcoin is attempting a mild rebound, but despite the small push higher, the broader sentiment on cryptocurrencies remains negative and cautious.

Source: https://www.axiory.com/analytics/market-news/quiet-calendar-loud-charts-gold-and-silver-shine-i