Amillex Daily Market Commentary | Safe Havens Take the Lead as Gold Hits New Highs and Bitcoin Suffers a Sharp Pullback

January 21, 2026 — As trade conflict risks linked to the Greenland issue spill rapidly across markets, global risk-off sentiment intensified again during the Asian session this morning. Spot gold extended yesterday’s strong momentum, setting a fresh all-time high at $4,780/oz on Tuesday and currently holding firmly above $4,760, with bulls gathering strength for a renewed push toward the $4,800 psychological level. In contrast, fading risk appetite has sent a chill through the cryptocurrency market. Bitcoin fell roughly 5% within 24 hours, touching an intraday low of $87,814.93, its weakest level in several weeks. This deep pullback highlights a clear defensive shift among investors amid escalating US–EU trade rhetoric and rising geopolitical tensions. Capital is rotating out of high-volatility assets and emerging financial markets as participants brace for broader market turbulence. Overall, global asset pricing is increasingly dominated by safe-haven logic, and with tariff policies and geopolitical frictions continuing to ferment, market volatility has entered a new expansion phase.

資産パフォーマンスとファンダメンタル分析

1. US Equity Markets

インデックスパフォーマンス

ダウ・ジョーンズ工業株平均: Around 48,500 (-1.34%). Risk-off sentiment surged, with heavyweight industrial stocks leading losses as the index slipped below the 49,000 threshold.
S&P 500: Around 6,800 (-1.61%). The index failed to hold above 7,000, triggering significant profit-taking.
ナスダック総合指数: Around 25,200 (-1.85%). Former market leaders, particularly tech stocks, bore the brunt of today’s sell-off.

Stock Highlight

Apple (AAPL): Around $246.86 (-3.39%). Comments from the Trump administration regarding potential tariffs on India and other manufacturing hubs intensified concerns over Apple’s global supply chain costs. Despite recent earnings beats, policy uncertainty pushed the stock below key technical support levels.

2. Foreign Exchange Market

米ドル指数（DXY）： Around 98.60. Supported by safe-haven demand, the dollar rebounded from early-session lows as expectations of a “strong dollar” stance resurfaced. The index remains capped below the 100 psychological level, awaiting clearer policy signals.
ユーロ/米ドル: Around 1.1720. The euro remains under pressure amid persistent US tariff threats against multiple European economies.
米ドル/円: Around 158.20. While the yen shows some support near 158, resilient US Treasury yields continue to fuel carry trades.

3. 貴金属および商品

貴金属

スポットゴールド（XAUUSD）： Targeting $4,800. Gold posted exceptionally strong gains today, driven by a dual catalyst of Greenland-related geopolitical tensions and escalating US–EU trade frictions. Safe-haven inflows surged aggressively, with prices around $4,780, marking another record high.
スポットシルバー（XAGUSD）： Breaks Above $95. Silver accelerated sharply after clearing $93, reaching an intraday peak of $95.80/oz, a new historical high.

商品

WTI原油: Around $59.67/barrel, with market focus shifting toward demand-side concerns amid the absence of fresh bullish catalysts.

4. 暗号資産とマクロ経済動向

ビットコイン（BTC）： Risk-Off Pressure, Tests $88K Support. Amid liquidity concerns sparked by US–EU trade tensions and broad-based selling across risk assets, Bitcoin failed to rally alongside gold and instead came under notable pressure.
イーサリアム（ETH）： Pulls Back, Slips Below $3,000. After briefly attempting to stabilize above $3,100, Ethereum retreated sharply in tandem with the broader market, currently trading around $2,980.

5. Today’s Focus