The End of the Commodity Surge? – – North American session Market Wrap for December 29

[Ben Graham]

Log in to today's North American session Market wrap for December 29

Traders are slowly filtering back from their winter breaks, greeted by a timid selloff in US equities.

However, the real action shifted away from stocks as the massive frenzy in Metals seen throughout Christmas week took a sharp turn to the downside.

Those who used the holiday rally to book profits timed it perfectly. Today's session delivered a harsh correction, with moves ranging from a 4% drop in Gold to a staggering 15% plunge in Palladium.

Is this a fresh opportunity or the start of a deeper washout?

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Market Close Heatmap – Source: TradingView – December 29, 2025

A calm but broadly green Heatmap for the Christmas Week opening!

Read More:

• 2026 FX Outlook: Improved global growth boosts weaker US dollar; EUR, AUD, and JPY top picks
• WTI Outlook: Oil Bounces From Channel Lows — Major Reversal in 2026?
• Gold (XAU/USD) Price Slides 4.5%: Key Levels to Watch Moving Forward

Cross-Assets Daily Performance

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Cross-Asset Daily Performance, December 29, 2025 – Source: TradingView

A picture of today's performance for major currencies

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Currency Performance, December 29 – Source: OANDA Labs

A look at Economic data releasing throughout this evening and tomorrow's sessions

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For all market-moving economic releases and events, see the MarketPulse Economic Calendar.

The trading year is winding down, but Tuesday's session and the final hours of 2025 still hold a few high-impact cards before the New Year's transition.

Keep an eye on some of these two final US events for the year.

• FOMC Meeting Minutes (14:00 ET): This is a market-volatility classic. These minutes provide a detailed record of the Fed's policy-setting meeting from three weeks ago. Traders will be hunting for clues on the future interest rate path, especially as policymakers are reportedly split on where rates should go in 2026.
• Chicago PMI (09:45 ET / 14:45 GMT): A critical check on the manufacturing sector. The consensus is set at 39.6 (up from a dismal 36.3 previously). While any reading below 50 indicates contraction, a beat here would suggest the industrial downturn in the region is at least stabilizing.

Safe Trades and Happy New Year!

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