{"id":3643,"date":"2026-01-20T14:44:30","date_gmt":"2026-01-20T03:44:30","guid":{"rendered":"https:\/\/www.amillex.com\/?p=3643"},"modified":"2026-01-20T14:44:31","modified_gmt":"2026-01-20T03:44:31","slug":"amillex-daily-market-commentary-tariff-tensions-reignite-gold-targets-the-4700-level","status":"publish","type":"post","link":"https:\/\/www.amillex.com\/it\/2026\/01\/20\/amillex-daily-market-commentary-tariff-tensions-reignite-gold-targets-the-4700-level\/","title":{"rendered":"Amillex Daily Market Commentary | Tariff Tensions Reignite, Gold Targets the 4700 Level"},"content":{"rendered":"<p class=\"has-black-color has-text-color has-link-color wp-elements-1 wp-block-paragraph\" style=\"font-size:18px\">On January 20, 2026, global markets faced a dual squeeze from tariff uncertainty and geopolitical maneuvering, driving safe-haven demand to new highs. Spot gold surged over 1.5% on Monday, extending its rally to a record USD 4690.46 per ounce and approaching the key USD 4700 level. Spot silver&nbsp;maintained&nbsp;strong upside momentum, trading near USD 93.40, though price action shifted into high-level consolidation after briefly testing the historic USD 94.099 zone. In contrast, U.S. crude oil remained&nbsp;relatively stable&nbsp;around USD 59.36 per barrel, as easing unrest in Iran offset part of the geopolitical risk premium. Overall, escalating trade tensions linked to the Greenland issue are accelerating capital flows into physical assets, with market volatility entering a new expansion phase.&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-2 wp-block-paragraph\"><strong>Asset Performance and Fundamental Analysis<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-3 wp-block-paragraph\" style=\"font-size:18px\"><strong>1. U.S. Equity Markets<\/strong>&nbsp;<\/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>Index Performance<\/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-5\" style=\"font-size:18px\"><strong>Dow Jones Industrial Average<\/strong>: Currently around 49,360 points (-0.17%). The index is\u00a0consolidating\u00a0near\u00a0previous\u00a0highs, reflecting the high sensitivity of traditional industrial sectors to potential trade frictions.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-6\" style=\"font-size:18px\"><strong>S&amp;P 500 Index<\/strong>: Currently around 6,880 points (-0.06%). Although the 7,000-point milestone is within reach,\u00a0investor\u00a0sentiment\u00a0remains\u00a0cautious. Capital flows show clear structural divergence, with defensive sectors favored.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-7\" style=\"font-size:18px\"><strong>Nasdaq Composite Index<\/strong>: Currently around 23,350 points (-0.06%). Technology stocks\u00a0remain\u00a0relatively resilient, supported by strong fundamentals in the AI chip supply chain, offsetting some of the risk-off selling pressure caused by tariff uncertainty.\u00a0<\/li>\n<\/ul>\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>Stock highlight&nbsp;<\/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-9\" style=\"font-size:18px\"><strong>NVIDIA (NVDA):\u00a0<\/strong>Closing at approximately USD 186.23. The stock is currently in a phase of position rotation, and investors should be\u00a0alert\u00a0to potential margin pressure from the pass-through of supply chain costs.\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-10 wp-block-paragraph\" style=\"font-size:18px\"><strong>2. Foreign Exchange Market<\/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-11\" style=\"font-size:18px\"><strong>U.S. Dollar Index (DXY)<\/strong>: Currently around 99.05, edging lower on the day with a decline of about 0.34%.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-12\" style=\"font-size:18px\"><strong>EUR\/USD<\/strong>: At\u00a01.1640. Due to U.S. tariff threats against certain European countries, the euro continues to test support at lower levels. Despite a modest technical rebound intraday, the pair may break below the psychological 1.1600 level if the Greenland issue and trade retaliation measures worsen further.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-13\" style=\"font-size:18px\"><strong>USD\/JPY<\/strong>: At\u00a0158.09. The Japanese yen has found some breathing room in extremely oversold territory and is\u00a0attempting\u00a0to form a short-term base near the 158.00 level.\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-14 wp-block-paragraph\" style=\"font-size:18px\"><strong>3. Precious Metals and Commodities<\/strong>&nbsp;<\/p>\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>Metalli preziosi<\/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-16\" style=\"font-size:18px\"><strong>Spot Gold (XAUUSD)<\/strong>: Targeting the 4700 level. Gold\u00a0remains\u00a0exceptionally strong today, driven by escalating geopolitical tensions surrounding Greenland and intensifying U.S.\u2013EU tariff frictions, triggering an explosive inflow of safe-haven capital.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-17\" style=\"font-size:18px\"><strong>Spot Silver (XAGUSD)<\/strong>: After breaking above the USD 93 level, prices reached an intraday high near the historic zone of USD 94.099 per ounce. Although prices retreated to around USD 93.40 during the North American session, reflecting some profit-taking divergence at extreme highs, the broader uptrend\u00a0remains\u00a0firmly intact under the macro re-pricing narrative.\u00a0<\/li>\n<\/ul>\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>Commodities<\/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-19\" style=\"font-size:18px\"><strong>WTI Crude Oil<\/strong>: Currently around USD 59.36 per barrel. In the absence of\u00a0additional\u00a0bullish catalysts, market focus has shifted toward demand-side concerns, keeping oil prices in a weak consolidation below the USD 60 level.\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-20 wp-block-paragraph\" style=\"font-size:18px\"><strong>4.&nbsp;Crypto Assets and Macro Developments<\/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-21\" style=\"font-size:18px\"><strong>Bitcoin (BTC)<\/strong>: Risk-off sentiment weighs, pulling prices back toward the\u00a092,000 support\u00a0level. Affected by liquidity concerns stemming from U.S.\u2013EU tariff frictions, Bitcoin\u00a0failed to\u00a0rally alongside gold and instead came under pressure, currently trading around USD 92,580.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-22\" style=\"font-size:18px\"><strong>Ethereum (ETH)<\/strong>: Showing notable strength today and moving independently, currently around USD 3,175. After an extended period of base consolidation, ETH has finally released strong catch-up momentum, successfully reclaiming and holding above the critical USD 3,100 threshold.\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-23 wp-block-paragraph\" style=\"font-size:18px\">5.&nbsp;<strong>Today\u2019s&nbsp;Focus<\/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-24\" style=\"font-size:18px\">UK December claimant count change\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-25\" style=\"font-size:18px\">UK three-month average earnings year-on-year\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-26\" style=\"font-size:18px\">World Economic Forum (WEF) Annual Meeting \u2013 Day 2\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-27\" style=\"font-size:18px\">Speech by Bank of England Governor Bailey\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=\"wp-block-paragraph\"><\/p>","protected":false},"excerpt":{"rendered":"<p>On January 20, 2026, global markets faced a dual squeeze from tariff uncertainty and geopolitical maneuvering, driving safe-haven demand to new highs. Spot gold surged over 1.5% on Monday, extending its rally to a record USD 4690.46 per ounce and approaching the key USD 4700 level. Spot silver&nbsp;maintained&nbsp;strong upside momentum, trading near USD 93.40, though [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":3645,"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":"","_glsr_average":0,"_glsr_ranking":0,"_glsr_reviews":0,"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-3643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-news","entry","has-media"],"_links":{"self":[{"href":"https:\/\/www.amillex.com\/it\/wp-json\/wp\/v2\/posts\/3643","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.amillex.com\/it\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.amillex.com\/it\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/it\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/it\/wp-json\/wp\/v2\/comments?post=3643"}],"version-history":[{"count":1,"href":"https:\/\/www.amillex.com\/it\/wp-json\/wp\/v2\/posts\/3643\/revisions"}],"predecessor-version":[{"id":3644,"href":"https:\/\/www.amillex.com\/it\/wp-json\/wp\/v2\/posts\/3643\/revisions\/3644"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/it\/wp-json\/wp\/v2\/media\/3645"}],"wp:attachment":[{"href":"https:\/\/www.amillex.com\/it\/wp-json\/wp\/v2\/media?parent=3643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amillex.com\/it\/wp-json\/wp\/v2\/categories?post=3643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amillex.com\/it\/wp-json\/wp\/v2\/tags?post=3643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}