General Market Analysis – 13/01/26

US Stocks Push Higher Despite Fed Investigation – Nasdaq up 0.25%
US equity markets extended their advance overnight, with stocks managing to edge higher despite ongoing market concerns surrounding the announced criminal investigation into the Federal Reserve. The Dow Jones rose 0.17% to close at 49,590, while the S&P 500 added 0.16% to finish at 6,977. The Nasdaq outperformed modestly, gaining 0.26% to end the session at 23,733. In rates markets, Treasury yields pushed slightly higher as investors continued to weigh inflation risks and the implications of a potentially less independent Federal Reserve. The US 2-year yield edged up 0.2 basis points to 3.535%, while the benchmark 10-year yield rose 1.0 basis point to 4.175%. Despite the move higher in yields, the US dollar weakened, with the Dollar Index slipping 0.26% to 98.88 against the major currencies. Commodities were broadly firmer. Oil prices climbed to fresh seven-week highs as concerns around Iranian exports continued to support the market. Brent advanced 1.41% to $64.23 per barrel, while WTI rose 0.64% to $59.50. Gold was once again the standout performer, surging 1.95% to a fresh record high close of $4,597.51 as investors continued to seek havens amid market uncertainty.

Gold Continues to Fly Higher – New Record Above $4,600
Gold surged over 2% in trading yesterday to record yet another all-time high, as it continued to trade in 2026 in a very similar manner to 2025. The world’s favourite (although silver is catching up quickly!) precious metal has already gained over 7% in the first couple of weeks of the new year, and many commentators are calling for further gains into the first couple of quarters of 2026. There is no doubt that some of the more traditional factors have contributed to the moves that we have seen in recent sessions – i.e. geopolitical concerns – and traders will now be looking to see if gold continues to see moves higher if those concerns abate, or if we do see more upward trajectory even in strong ‘risk-on’ environments later in the year. For now, though, traders are favouring going with the trend, which is certainly pointing upwards. Short-term resistance will now sit at the overnight high of $4,629.94, with initial support at yesterday’s low of $4,512.37 and longer-term support at the daily chart trendline at $4,352.35.

US Inflation Data in Focus for Markets Today
The macro calendar remains relatively quiet through the initial part of the trading day today; however, things will start to pick up as we progress through the sessions and hit the major economic event of the week early in the New York day. There is nothing of note again on the agenda in the Asian session; however, a scheduled speech from Bank of England Governor Andrew Bailey midway through the London day could see an increase in volatility for UK markets. The New York session is expected to be the busiest of the day again, with key US inflation data due out. The first CPI prints of 2026 are due out shortly after the open, with the market expecting both the headline month-on-month number and the core month-on-month number to show a 0.3% increase, and the year-on-year data to show a 2.7% increase again, still well above where the Fed would like to see it. US New Home Sales data is also due out later in the session; however, expect the inflation numbers and any further geopolitical updates to dominate market sentiment.

Explore all upcoming market events in the Economic Calendar.

The post General Market Analysis – 13/01/26 first appeared on IC Markets | Official Blog.