Amillex Daily Market Commentary | Market Volatility Increases, Allocation Value of Precious Metals Rebounds

On January 14, 2026, global financial market volatility increased, prompting a short-term cooling in risk appetite and a more cautious asset allocation stance. Amid rising uncertainty, market sentiment turned defensive, with capital shifting toward lower-volatility and more stable assets. The US dollar index remained weak, while precious metals continued to outperform. Spot gold held firm above USD 4600, reinforcing its role as a diversification and hedging asset. At the macro level, expectations have become more conservative, with asset allocation showing clearer signs of structural adjustment, supporting continued interest in defensive assets. On the data front, inflation remained moderate. Core CPI rose about 0.2 month-on-month, slightly below expectations, while the annual rate held near 2.7, easing near-term inflation concerns and allowing greater policy flexibility.

Asset performance and fundamental analysis

1. Thị trường chứng khoán Mỹ

Index Performance

Chỉ số Dow Jones Industrial Average: closed at around 49,208 points. After approaching the 50,000 milestone, the index pulled back slightly as the market digested long-term policy uncertainty stemming from rumors that Federal Reserve Chair Powell is under investigation.
Chỉ số S&P 500: closed at around 6,969 points. Despite a slight pullback from the previous session’s high, the index remained in historical high territory, with market focus shifting to upcoming bank earnings this week (such as Bank of America and Citigroup).
Nasdaq Composite Index: closed at around 25,900 points. Technology stocks were mixed. Despite regulatory pressure, the resilience of core AI assets continued to support the index as it consolidated above the 25,800 level.

Điểm nổi bật của cổ phiếu: NVIDIA (NVDA): After Google reached new highs, NVIDIA once again became the top stock by trading value. The share price remains firmly elevated (around USD 185.81), with market capitalization holding near USD 4.5 trillion.

2. Foreign Exchange Market

US Dollar Index (DXY): currently around 99.17. After recent weakness, the dollar has staged a clear rebound. Despite pressure from the Trump administration calling for rate cuts, December CPI expectations released on Tuesday supported the higher for longer interest rate narrative.
EUR/USD: at 1.1645. As the dollar rebounded, the euro gave back gains from recent sessions. Eurozone fundamentals remain weak, and markets are closely watching Germany’s annual GDP growth data (expected at -0.2%), which limits upside potential for the euro.
USD/JPY: at 159.15. Depreciation pressure on the yen has intensified further, with the pair approaching the 160 level. The wide US–Japan interest rate differential remains near historical highs, keeping yen carry trades active and capital outflows ongoing.

3. Precious Metals and Commodities

Precious metals

Spot gold (XAUUSD): gold prices remain strong at elevated levels, trading around USD 4600. Although the sharp 2 percent surge on Monday has paused, gold remains within a historic upward channel, with technical support rising to around USD 4550.
Spot silver (XAGUSD): trading at around USD 87 per ounce. Silver continues to outperform gold. After breaking above the USD 84 level, it is now testing strong resistance near USD 86.

Hàng hóa

WTI crude oil: currently around USD 61 per barrel. Expectations of potential supply tightening in the energy market have increased, pushing oil prices above the previous consolidation range of USD 55–60 per barrel.

4. Crypto Assets and Macro Developments

Bitcoin (BTC): latest price around USD 95,000. With the release of US December CPI data approaching, Bitcoin has shown signs of an upward breakout after a prolonged period of sideways trading.
Ethereum (ETH): around USD 3,325. Although relatively weaker than BTC recently, it has remained stable around the key pivot zone of USD 3,000–3,200.

5. Today’s Focus