{"id":3655,"date":"2026-01-22T15:15:56","date_gmt":"2026-01-22T04:15:56","guid":{"rendered":"https:\/\/www.amillex.com\/?p=3655"},"modified":"2026-01-22T15:15:57","modified_gmt":"2026-01-22T04:15:57","slug":"amillex-daily-market-commentary-risk-premium-pulls-back-from-elevated-levels-gold-and-silver-enter-consolidation","status":"publish","type":"post","link":"https:\/\/www.amillex.com\/fr\/2026\/01\/22\/amillex-daily-market-commentary-risk-premium-pulls-back-from-elevated-levels-gold-and-silver-enter-consolidation\/","title":{"rendered":"Commentaire quotidien d&#039;Amillex sur les march\u00e9s | La prime de risque se replie apr\u00e8s avoir atteint des niveaux \u00e9lev\u00e9s, l&#039;or et l&#039;argent entrent en phase de consolidation\u00a0"},"content":{"rendered":"<p class=\"has-black-color has-text-color has-link-color wp-elements-22f8ffc47da41bf8f3cde932c2ed518d\" style=\"font-size:18px\">22 janvier 2026 \u2014 Les tensions sur les march\u00e9s financiers mondiaux ont montr\u00e9 des signes d&#039;apaisement temporaire, de nouveaux d\u00e9veloppements ayant contribu\u00e9 \u00e0 freiner la hausse des primes de risque et \u00e0 encourager une reprise progressive de l&#039;app\u00e9tit pour le risque. Le sentiment du march\u00e9 est pass\u00e9 d&#039;une attitude extr\u00eamement d\u00e9fensive \u00e0 une observation plus rationnelle, att\u00e9nuant les craintes de conflit potentiel et d&#039;escalade politique. Le march\u00e9 des m\u00e9taux pr\u00e9cieux est entr\u00e9 dans une phase d&#039;ajustement, la demande de valeurs refuges s&#039;\u00e9tant l\u00e9g\u00e8rement fl\u00e9chie. Les fonds \u00e0 court terme ont pris leurs b\u00e9n\u00e9fices \u00e0 des niveaux \u00e9lev\u00e9s, provoquant un repli de l&#039;argent qui a corrig\u00e9 la forte hausse de la s\u00e9ance pr\u00e9c\u00e9dente. L&#039;or a \u00e9galement subi des pressions, \u00e9voluant dans une fourchette volatile et reculant bri\u00e8vement autour de 4\u00a0756 USD en s\u00e9ance. L&#039;int\u00e9r\u00eat acheteur lors des replis est rest\u00e9 actif, limitant le risque de baisse pour l&#039;or. Globalement, les m\u00e9taux pr\u00e9cieux passent de mouvements unilat\u00e9raux, dict\u00e9s par le sentiment du march\u00e9, \u00e0 une consolidation \u00e0 des niveaux \u00e9lev\u00e9s et \u00e0 une phase de r\u00e9\u00e9valuation structurelle.&nbsp;<\/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 has-medium-font-size wp-elements-b0712a296f5807d99dde4975cc28bb78\"><strong>Analyse fondamentale et de la performance des actifs<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-0819a3863ca0df6beba3bcd366ba958e\" style=\"font-size:18px\"><strong>1. March\u00e9s boursiers am\u00e9ricains<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-11a8b7ba65f6a75934a331b5b63d7d73\" style=\"font-size:18px\"><strong>Performance de l&#039;indice<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-ed956db7fb2f44f72d08062957c69ae6\" style=\"font-size:18px\"><strong>Moyenne industrielle Dow Jones<\/strong>Actuellement autour de 49\u00a0077 points (+1,21%). Soutenu par les signaux d&#039;apaisement g\u00e9opolitique du Forum de Davos, le Dow Jones a effac\u00e9 ses pertes initiales et franchi \u00e0 nouveau la barre des 49\u00a0000 points. Les secteurs industriel et \u00e9nerg\u00e9tique ont tir\u00e9 la hausse, tandis que les ventes paniques ant\u00e9rieures ont \u00e9t\u00e9 contenues.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-e529729c6d53b11c69aa908d28578484\" style=\"font-size:18px\"><strong>Indice S&amp;P 500<\/strong>Actuellement autour de 6\u00a0890 points (+1,16%). Apr\u00e8s avoir subi une triple vague de ventes sur les actions, les obligations et les devises, l\u2019indice s\u2019est stabilis\u00e9 et a rebondi.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-2b27ad4a58a5eb932ebde5af13d577b6\" style=\"font-size:18px\"><strong>Indice composite Nasdaq<\/strong>Actuellement autour de 25\u00a0560 points (+1,18%). Les valeurs technologiques ont connu des rachats de positions vendeuses apr\u00e8s avoir atteint des plus bas \u00e0 court terme.\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-6e2a2070c98577edba08b0c5de86dabe\" style=\"font-size:18px\"><strong>Mise en avant de l&#039;action<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-b31a901445dd554c86c0a5f9c9464498\" style=\"font-size:18px\"><strong>Pomme (AAPL)<\/strong>Actuellement autour de 247,65 USD (+0,39%). Apr\u00e8s une forte baisse de 3,46% mardi, le titre a trouv\u00e9 un support technique pr\u00e8s de 245 USD.\u00a0<\/li>\n<\/ul>\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-f7397c4fcc210b1bc8b1b9f1722c1d25\" style=\"font-size:18px\"><strong>2. March\u00e9 des changes<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-41c2678f54b7d75cd437c9cbd1cd0b26\" style=\"font-size:18px\"><strong>Indice du dollar am\u00e9ricain (DXY)<\/strong>Actuellement autour de 98,70. Suite au renversement des flux vers les valeurs refuges, l&#039;indice du dollar s&#039;est de nouveau affaibli apr\u00e8s avoir rebondi depuis le niveau de 98,60.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-b9f7121c7dc0f706d8d40a2f9ce872fa\" style=\"font-size:18px\"><strong>EUR\/USD<\/strong>Aux alentours de 1,1678. Face aux menaces tarifaires toujours non r\u00e9solues visant l&#039;Europe, l&#039;euro a connu un rebond excessif.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-f965d6beda9d2331d9a2c2af78edb741\" style=\"font-size:18px\"><strong>USD\/JPY<\/strong>\u00c0 158,20, le yen est rest\u00e9 relativement stable ; l&#039;app\u00e9tit pour le risque s&#039;\u00e9tant am\u00e9lior\u00e9, la demande de yens refuges s&#039;est att\u00e9nu\u00e9e, maintenant la paire dans une fourchette \u00e9troite autour du niveau cl\u00e9 de 158.\u00a0<\/li>\n<\/ul>\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-ff6a8b443a8bd973ca90a6f1108af1cf\" style=\"font-size:18px\"><strong>3. M\u00e9taux pr\u00e9cieux et mati\u00e8res premi\u00e8res<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-c39cbaecb9bf76e699535ea0988df6dd\" style=\"font-size:18px\"><strong>M\u00e9taux pr\u00e9cieux<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-7be59869bb1a1d63e9c6b20cdedc2d2b\" style=\"font-size:18px\"><strong>Or au comptant (XAUUSD)<\/strong>Apr\u00e8s une forte hausse jusqu&#039;\u00e0 pr\u00e8s de 4\u00a0800\u00a0USD, l&#039;or a connu aujourd&#039;hui une correction rationnelle de sa prime de valeur refuge, suite aux signaux positifs du forum de Davos. Les cours ont bri\u00e8vement chut\u00e9 \u00e0 4\u00a0756\u00a0USD en s\u00e9ance, mais les achats \u00e0 la baisse se sont poursuivis, l&#039;attrait de l&#039;or pour l&#039;allocation d&#039;actifs \u00e0 long terme s&#039;\u00e9tant renforc\u00e9.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-401bba1fa7871176b17509244abff9d9\" style=\"font-size:18px\"><strong>Argent au comptant (XAGUSD)<\/strong>Avec l&#039;apaisement des tensions g\u00e9opolitiques, l&#039;argent a subi d&#039;importantes prises de b\u00e9n\u00e9fices. Apr\u00e8s avoir atteint un sommet historique \u00e0 95 USD, les gains intraday se sont consid\u00e9rablement r\u00e9duits, les prix se situant actuellement autour de 91,20 USD.\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-9475610fc825ef459f8fc74a4c4a5372\" style=\"font-size:18px\"><strong>mati\u00e8res premi\u00e8res<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-f642e9f6014db5eeb54090a3df0f3579\" style=\"font-size:18px\"><strong>P\u00e9trole brut WTI<\/strong>Le prix du p\u00e9trole se situe actuellement autour de 60,50 dollars am\u00e9ricains le baril. Malgr\u00e9 un repli de l&#039;app\u00e9tit pour le risque, les anticipations li\u00e9es \u00e0 la coop\u00e9ration \u00e9nerg\u00e9tique de l&#039;OTAN dans le cadre de l&#039;accord-cadre du Groenland ont soutenu les cours, permettant aux acheteurs de profiter d&#039;un prix inf\u00e9rieur \u00e0 60 dollars am\u00e9ricains.\u00a0<\/li>\n<\/ul>\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-d532b64c1e575daf8e2c7edb10fc8fcd\" style=\"font-size:18px\"><strong>4. Actifs crypto et \u00e9volutions macro\u00e9conomiques<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-77efe1f3ca950bf3bf13132a1fb7f3e8\" style=\"font-size:18px\"><strong>Bitcoin (BTC)<\/strong>\u00c9voluant dans une fourchette \u00e9troite tout en se maintenant au-dessus du seuil psychologique des 90\u00a0000\u00a0USD, le Bitcoin, influenc\u00e9 par les signaux d&#039;assouplissement mon\u00e9taire du Forum de Davos, s&#039;est stabilis\u00e9 \u00e0 des niveaux \u00e9lev\u00e9s apr\u00e8s une p\u00e9riode de volatilit\u00e9, autour de 89\u00a0805\u00a0USD.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-54185beb412df31d38e1fa2e2773f834\" style=\"font-size:18px\"><strong>Ethereum (ETH)<\/strong>L&#039;Ethereum est pris dans un bras de fer autour du seuil des 3\u00a0000\u00a0USD. Son cours reste stable, actuellement autour de 3\u00a0003\u00a0USD, se situant en plein c\u0153ur de la zone de conflit entre acheteurs et vendeurs.\u00a0<\/li>\n<\/ul>\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-866fddb76cbd274fd0b2f7d73fdc9645\" style=\"font-size:18px\">5<strong>Sujet du jour<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-238ebd4264bd0379f2ede9a8cafc57a3\" style=\"font-size:18px\">Discours de la pr\u00e9sidente de la BCE, Christine Lagarde\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-bf65679ce44a2e58cf931ef64d48d147\" style=\"font-size:18px\">Australie : \u00c9volution de l&#039;emploi en d\u00e9cembre\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-2226e6fe56109abd62477ca0b9ecbf9c\" style=\"font-size:18px\">Australie : Taux de ch\u00f4mage de d\u00e9cembre\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-cb501248392de52d8123c5c96c795bdb\" style=\"font-size:18px\">\u00c9tats-Unis : Indice des prix PCE de base de d\u00e9cembre (variation mensuelle)\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-1c057b624f5a1122709a8326eccfc8e4\" style=\"font-size:18px\">\u00c9tats-Unis : PIB r\u00e9el annualis\u00e9 du 4e trimestre (donn\u00e9es finales)\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-21b5cb083d92f859dcef4df7de0a2986\" style=\"font-size:18px\">\u00c9tats-Unis : Indice des prix du PIB du 4e trimestre (d\u00e9finitif)\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-1922ac35f2f70ee9ee489366b3b316a6\" style=\"font-size:18px\">\u00c9tats-Unis : Demandes initiales d&#039;allocations ch\u00f4mage pour la semaine se terminant le 19 janvier\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-ba0749dc0c5cf7e1b11be5561e0ec661\" style=\"font-size:18px\">\u00c9tats-Unis : Indice des prix PCE de base d&#039;octobre (variation mensuelle) \u2013 Confirmation des donn\u00e9es r\u00e9vis\u00e9es\/historiques\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>","protected":false},"excerpt":{"rendered":"<p>January 22, 2026 \u2014 Tensions across global financial markets showed signs of temporary easing as fresh developments helped curb rising risk premiums and encouraged a gradual recovery in risk appetite. Market sentiment shifted away from an extremely defensive stance toward more rational observation, easing concerns over potential conflict and policy escalation. As safe-haven demand softened [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":3657,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[8],"tags":[],"class_list":["post-3655","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-news","entry","has-media"],"_links":{"self":[{"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts\/3655","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/comments?post=3655"}],"version-history":[{"count":1,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts\/3655\/revisions"}],"predecessor-version":[{"id":3656,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/posts\/3655\/revisions\/3656"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/media\/3657"}],"wp:attachment":[{"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/media?parent=3655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/categories?post=3655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amillex.com\/fr\/wp-json\/wp\/v2\/tags?post=3655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}