{"id":11383,"date":"2026-10-20T18:13:36","date_gmt":"2026-10-20T07:13:36","guid":{"rendered":"https:\/\/www.amillex.com\/?p=11383"},"modified":"2026-10-20T18:13:39","modified_gmt":"2026-10-20T07:13:39","slug":"amillex-daily-market-commentary-high-interest-rates-intertwined-with-supply-risks-gold-weakens-under-pressure-as-crude-oil-rebounds-strongly","status":"publish","type":"post","link":"https:\/\/www.amillex.com\/fr\/2026\/10\/20\/amillex-daily-market-commentary-high-interest-rates-intertwined-with-supply-risks-gold-weakens-under-pressure-as-crude-oil-rebounds-strongly\/","title":{"rendered":"Amillex Daily Market Commentary | High Interest Rates Intertwined with Supply Risks: Gold Weakens Under Pressure as Crude Oil Rebounds Strongly"},"content":{"rendered":"<p class=\"has-black-color has-text-color has-link-color wp-elements-1 wp-block-paragraph\" style=\"font-size:18px\">On October 20, 2026, global financial markets displayed significant divergence driven by intensifying regional tensions and Fed rate outlooks. In early Asian trading Tuesday, spot gold hovered near $4,135.69\/oz. Although geopolitical friction spurred inflows, the Fed&#8217;s rate hike last month raised policy rates to 3.75%-4.00%, keeping the U.S. dollar resilient and Treasury yields elevated, which capped the upside for non-yielding gold. Markets broadly expect policymakers to hold rates steady at next week&#8217;s meeting; lacking clear rate-cut catalysts, gold remains constrained in a high-level consolidation pattern following its retreat from all-time highs.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-2 wp-block-paragraph\" style=\"font-size:18px\">In sharp contrast, energy markets surged on supply-side shock, with WTI crude trading near $98.27\/bbl after touching nearly one-month highs. Unexpected strikes on regional facilities fueled supply disruption fears, while structural deficits stemming from delayed Russian diesel supply added firm fundamental support. Looking ahead, escalated regional tensions could widen crude&#8217;s risk premium, whereas gold traders will monitor next week&#8217;s Fed guidance and Treasury yield dynamics for directional cues.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-center has-black-color has-text-color has-link-color wp-elements-3 wp-block-paragraph\" style=\"font-size:18px\"><strong>Multi-Asset Performance &amp; Fundamental Analysis <\/strong><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-4 wp-block-paragraph\" style=\"font-size:18px\"><strong>1. March\u00e9 des actions am\u00e9ricaines<\/strong><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-5 wp-block-paragraph\" style=\"font-size:18px\"><strong>Performance de l&#039;indice<\/strong><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-6 wp-block-paragraph\" style=\"font-size:18px\"><strong>\u2022 Indice Dow Jones (DJI) :<\/strong> Stood at 51,971.19, down 36.02 points (-0.07%) intraday. The index hovered in a tight range below 52,000, digesting recent gains while traditional industrial and value sectors consolidated sideways.&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-7 wp-block-paragraph\" style=\"font-size:18px\"><strong>\u2022 Indice S&amp;P 500 (SP500) :<\/strong> Stood at 7,689.30, down 13.65 points (-0.18%). The benchmark pulled back slightly near 7,700 resistance as markets absorbed rate policy expectations and upcoming earnings season data.&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-8 wp-block-paragraph\" style=\"font-size:18px\"><strong>\u2022 Indice Nasdaq 100 (NQ1 !) :<\/strong> Stood at 29,633.50, down 89.00 points (-0.30%). Tech growth stocks faced profit-taking pressures at elevated levels, though key moving average support remained solid.&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-9 wp-block-paragraph\" style=\"font-size:18px\"><strong>Points saillants des actions individuelles<\/strong><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-10 wp-block-paragraph\" style=\"font-size:18px\"><strong>\u2022 Tesla (TSLA) :<\/strong> Stood at $368.06, up $13.34 (+3.76%). Outperformed the broader market as capital rotated into high-beta growth names.&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-11 wp-block-paragraph\" style=\"font-size:18px\"><strong>\u2022 Apple (AAPL) :<\/strong> Stood at $342.94, down 0.15%. Consolidated at high levels despite broader market weakness, displaying strong defensive resilience.&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-12 wp-block-paragraph\" style=\"font-size:18px\"><strong>\u2022 Intel (INTC) :<\/strong> Stood at $92.03, up $2.18 (+2.43%). Semiconductor equities diverged, with valuation-recovery plays attracting inflows.&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-13 wp-block-paragraph\" style=\"font-size:18px\"><strong>\u2022 Amazon (AMZN) :<\/strong> Stood at $262.45, surging $12.45 (+4.98%). Resilient e-commerce and cloud fundamentals drove gains, anchoring consumer and tech sectors.&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-14 wp-block-paragraph\" style=\"font-size:18px\"><strong>\u2022 Alphabet (GOOGL) :<\/strong> Stood at $344.18, up $3.59 (+1.05%). Solid AI infrastructure and search fundamentals kept the stock within its bullish channel.&nbsp;<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-15 wp-block-paragraph\" style=\"font-size:18px\"><strong>2. March\u00e9 des changes<\/strong><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-16 wp-block-paragraph\" style=\"font-size:18px\"><strong>\u2022 Indice du dollar am\u00e9ricain (DXY) :<\/strong> Stood at 101.914, down 0.06% intraday. DXY fluctuated below 102 as traders awaited upcoming inflation and labor data to clarify the Fed&#8217;s future rate-cut cadence.&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-17 wp-block-paragraph\" style=\"font-size:18px\"><strong>\u2022 EUR\/USD :<\/strong> Stood at 1.12191, up 0.07%. Mild USD softness offered modest support above 1.12, though weak Eurozone economic fundamentals capped upside momentum.&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-18 wp-block-paragraph\" style=\"font-size:18px\"><strong>\u2022 USD\/JPY :<\/strong> Stood at 158.509, down 0.01%. The pair consolidated near 158.50, constrained by elevated U.S.-Japan yield spreads, while markets remained on high alert for BOJ intervention signals.&nbsp;<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-19 wp-block-paragraph\" style=\"font-size:18px\"><strong>3. M\u00e9taux pr\u00e9cieux et mati\u00e8res premi\u00e8res<\/strong><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-20 wp-block-paragraph\" style=\"font-size:18px\"><strong>M\u00e9taux pr\u00e9cieux<\/strong><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-21 wp-block-paragraph\" style=\"font-size:18px\"><strong>\u2022 Or au comptant (XAUUSD) :<\/strong> Stood at ~$4,121.18\/oz, down $19.63 (-0.47%). Gold underwent a technical pull-back after clearing $4,100 record highs as safe-haven demand cooled, triggering profit-taking.&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-22 wp-block-paragraph\" style=\"font-size:18px\"><strong>\u2022 Argent au comptant (XAGUSD) :<\/strong> Stood at $56.4225\/oz, down $0.6825 (-1.20%). Silver saw heightened volatility under the dual drag of broader metals pull-backs and shifting industrial demand sentiment.&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-23 wp-block-paragraph\" style=\"font-size:18px\"><strong>mati\u00e8res premi\u00e8res<\/strong><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-24 wp-block-paragraph\" style=\"font-size:18px\"><strong>\u2022 P\u00e9trole brut WTI (XTIUSD) :<\/strong> Stood at $99.829\/bbl, up $0.52 (+0.52%). Crude approached the $100 psychological threshold, supported by geopolitical risk premiums and tight supply expectations.&nbsp;<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-25 wp-block-paragraph\" style=\"font-size:18px\"><strong>4. Actifs crypto et dynamique macro\u00e9conomique<\/strong><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-26 wp-block-paragraph\" style=\"font-size:18px\"><strong>\u2022 Bitcoin (BTCUSD) :<\/strong> Stood at $81,213, down $627 (-0.77%). BTC failed to breach recent highs and entered a consolidation phase above $81,000 amid cautious risk sentiment.&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-27 wp-block-paragraph\" style=\"font-size:18px\"><strong>\u2022 Ethereum (ETHUSD) :<\/strong> Stood at $2,378.40, down 1.11%. ETH underperformed BTC as capital favored traditional safe havens and large-cap risk assets during macro uncertainty.&nbsp;<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-28 wp-block-paragraph\" style=\"font-size:18px\"><strong>5. Point cl\u00e9 du jour<\/strong><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-29 wp-block-paragraph\" style=\"font-size:18px\"><strong>\u2022 UK Average Earnings Including Bonus<\/strong><\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>","protected":false},"excerpt":{"rendered":"<p>On October 20, 2026, global financial markets displayed significant divergence driven by intensifying regional tensions and Fed rate outlooks. In early Asian trading Tuesday, spot gold hovered near $4,135.69\/oz. Although geopolitical friction spurred inflows, the Fed&#8217;s rate hike last month raised policy rates to 3.75%-4.00%, keeping the U.S. dollar resilient and Treasury yields elevated, which 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