Lower Oil Prices Lift Metals (11.09.2026)

Declining oil prices supported precious metals as progress in US-Iran diplomatic talks eased inflation concerns, lifting gold above $4,100 and silver past $52. 

However, stronger US employment data reinforced expectations for a December Federal Reserve rate hike, limiting further gains. Meanwhile, the euro recovered toward 1.1150 as elevated Eurozone inflation strengthened expectations for ECB tightening. Sterling rebounded to 1.3370, supported by the Bank of England's recent rate increase and hawkish outlook. The yen also strengthened toward 158.1 per dollar following signals of further monetary tightening from the Bank of Japan. Investors now await upcoming US inflation data for additional policy guidance.

EUR/USD Rebounds to 1.1150

EUR/USD climbed to around 1.1150 during Monday's Asian session, snapping a two-day decline. The euro gained traction as ECB policymakers signaled a potential December rate hike, reinforced by Eurozone inflation reaching 4%. The dollar softened despite expectations of a 25-basis-point Fed rate increase. However, resilient US employment data and upcoming inflation releases may constrain further upside momentum.

The first resistance is positioned at 1.1190 while the support starts from 1.1130.

Gold Holds Above $4,100

Gold rose above $4,100 per ounce on Monday, extending prior gains as lower oil prices mitigated inflation pressures. Crude remained under pressure after President Trump stated new strikes on Iran are unlikely if nuclear and Strait of Hormuz negotiations advance. However, upside momentum was constrained by Friday's strong US jobs data, which showed nonfarm payrolls accelerating and unemployment falling to 4.1%, reinforcing expectations for a December Federal Reserve rate increase.

First resistance is seen at $4160, with initial support near $4080.

Yen Recovers Toward 158.1 Level

The Japanese yen firmed toward 158.1 per dollar on Monday, recovering a portion of last week's losses as hawkish comments from Bank of Japan officials increased rate hike expectations. BOJ Chief Economist Seisaku Kameda indicated a December rate increase is likely, with tightening potentially continuing toward a 2% terminal rate. Governor Kazuo Ueda reinforced this posture, noting underlying inflation remains near target. Meanwhile, official Ministry of Finance data confirmed Tokyo spent a record ¥15.4 trillion across three days in late July to defend the currency.

First resistance is seen at 158.80, with initial support near 158.00.

GBP/USD Rebounds to 1.3370

GBP/USD halted its two-day decline during Monday's Asian session, rising to around 1.3370. Sterling continues to draw support from the Bank of England's decision last week to raise interest rates by 25 basis points to 4.00%, marking its first hike in over three years. A member voting for a 50-basis-point increase, alongside central bank projections of inflation reaching 5% by mid-2027, reinforces a hawkish monetary outlook.

From a technical view, resistance stands near 1.3400, with support around 1.3340.

Silver Extends Gains Past $52

Silver rose above $52 per ounce on Monday, extending gains from the previous week as declining crude oil prices helped mitigate broader inflation pressures. Energy markets remained subdued following President Trump's comments that further military strikes on Iran are unlikely if nuclear negotiations and talks over the Strait of Hormuz progress. However, additional upside was restrained by strong US employment data, which showed expanding payrolls and unemployment falling to 4.1%, driving market expectations for a December Federal Reserve rate hike.

From a technical view, resistance stands near $53.80, while support is located around $52.20.