ETO Markets Global Pulse: Gold Jumps 2%, Hits $4,690 Record

Market Review

According to ETO Markets monitoring, on January 16 (Friday), spot gold briefly corrected, sliding over 1% to around USD 4,537 per ounce.

Driven by Trumps tariff strategy, spot gold opened sharply higher in the Asian session on January 19 (Monday). Prices extended the rally and hit an intraday high near USD 4,690 per ounce, up nearly USD 100 on the day, setting a fresh all-time high.

Global Headlines

1) Greenland Tariffs Hit Eight Nations

Trump announced tariff hikes on goods exported to the U.S. from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland, citing the Greenland dispute. The tariff rate was raised to 10% first, then lifted to 25%. Trump said the measures will stay until an agreement is reached on “a full purchase of Greenland.”

2) EU Weighs Retaliation Measures

UK media reported the EU is considering tariffs on EUR 93 billion of U.S. goods and may restrict U.S. firms access to the EU market, as retaliation for the U.S. tariff actions linked to Greenland.

3) U.S. Pressures Korea Memory Chips

The U.S. Commerce Secretary said Korean memory-chip makers could face tariffs of up to 100% if they do not commit to increasing investment in U.S. production. The message was blunt: pay the tariff or build in the U.S. The rhetoric added uncertainty to the global semiconductor supply chain and reinforced concerns over policy spillovers.

4) U.S. Sets Iran Conditions

A U.S. presidential envoy outlined four conditions for a diplomatic solution, including limits on uranium enrichment, missile reductions, managing nuclear material stockpiles, and constraining regional proxy forces. The envoy warned of “worse alternatives” if the conditions are not met. The stance was seen as stepped-up pressure on Iran, lifting Middle East risk pricing.

5) FED Chair Shortlist Narrows

U.S. Treasury Secretary Bessent said the FED chair shortlist has narrowed to four candidates. He added the final decision will likely come around a major international meeting, and noted Trump has interviewed the final candidate. Trump also stressed the chair selection is a presidential prerogative.

6) Bowman Flags Jobs Risk

FED Vice Chair Bowman said the labor market remains fragile and the FED should be ready to cut rates again if risks intensify. She also cautioned against signaling a premature pause in easing. Bowman said the economy can stay resilient under easier policy settings, with employment broadly near full employment.

ETO Markets Analyst View (Spot Gold)

Technically, spot gold remains in a clear uptrend. The USD 4,620 zone is the key line separating strength from a deeper pullback. Above USD 4,620, the price action stays constructive, with attention to a potential extension toward USD 4,710 and USD 4,750. A break below USD 4,620 would likely shift the market into retracement mode, with USD 4,570 and USD 4,540 as the next support layers to watch.

RSI is still rising, consistent with strong momentum. In this setup, pullbacks look more like position rotation than a trend reversal, but traders should respect the sharper intraday swings.

Disclaimer

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