Falling Oil Prices Support Metals (09.21.2026)

Euro Softens Near $1.15

Trading just under $1.15 and near late-July lows, the euro fell 1% against the dollar this week as markets absorbed a hawkish Fed. US policymakers unanimously raised rates to 3.75%–4.00%, their first hike since July 2023, signaling another increase this year. Meanwhile, analysts warn ECB rate expectations may be overextended if high energy prices stall economic growth. Markets now price the ECB rate under 2.9% by December. Elsewhere, the BoE held rates steady while warning of Middle East risks, and the BoJ raised rates to a 31-year high.

The first resistance is positioned at 1.1500 while the support starts from 1.1450.

Gold Holds Above $4,350

Gold stayed above $4,350 an ounce on Monday following two days of gains, supported by falling oil prices that eased inflation and rate-hike concerns. Oil dropped for a fourth session as diplomatic efforts picked up to resolve the Middle East conflict, with President Donald Trump open to meeting Iranian President Masoud Pezeshkian at the UN General Assembly. Meanwhile, markets await central bank commentary following the Fed's first rate increase in three years, as Minneapolis Fed President Neel Kashkari warned inflation remains widespread beyond initial oil shocks.

First resistance is seen at $4385, with initial support near $4320.

Yen Steadies Near 157

The yen stabilized near 157 per dollar on Monday following a 2% weekly drop, with traders on high alert for intervention during Japan's three-day holiday. Low holiday liquidity has historically served as a window for Tokyo's actions, and late-Friday BOJ rate checks heightened caution. The currency's slump followed a split BOJ rate hike decision. While Governor Kazuo Ueda reaffirmed plans to tighten, expectations that Japanese rate adjustments will lag behind the Fed continue to weigh on the yen.

First resistance is seen at 157.25, with initial support near 155.80.

Pound Holds Near $1.335

The British pound remained largely unchanged at $1.335, staying near late-July lows as markets digested stronger retail figures and global central bank decisions. August UK retail sales rose 0.5%, rebounding from July's decline thanks to stock replenishment at department stores and showing steady consumer resilience. Meanwhile, the Bank of England paused rate increases and suspended long-dated gilt sales under quantitative tightening, though it warned that ongoing Middle East turmoil could force future policy tightening alongside recent Fed and Bank of Japan hikes.

From a technical view, resistance stands near 1.3420, with support around 1.3330.

Silver Climbs to $67

Silver climbed to nearly $67 an ounce on Monday, securing a third straight session of gains as falling oil prices eased inflation worries and expectations for extra rate hikes. Oil fell for a fourth day on growing diplomatic efforts to resolve the Middle East conflict, with President Donald Trump open to meeting Iranian President Pezeshkian at the UN General Assembly. Meanwhile, investors await incoming Fed speeches after last week's rate hike, as Minneapolis Fed President Neel Kashkari cautioned that inflation remains uncomfortably high across multiple sectors.

From a technical view, resistance stands near $67.00, while support is located around $65,00.