The outlook for metals seems dim as miners and explorers are down 5-10% each day across the board. Miners usually lead metals, so that we might see a new swing low for gold and silver soon.
Elsewhere, investors have been expecting massive fiscal stimulus from the US for a few months now. This optimism grew after Joe Biden proposed a 1.9 trillion USD package as one of his moves following his inauguration. However, it looks like the package might actually be smaller than previously thought.
Meanwhile, the USD seems to be bottoming as the USDJPY pair is trying to rise above 104, and the EURUSD pair failed to remain above 1.22 again. The short-term trend could switch to positive as the USD is very heavily oversold, leading to a short-squeeze rally.
From other news, yesterday's volatile session in equities might continue today as US indices are somewhat lower, but EU indices are seen stronger. It was a different story yesterday.