Key Takeaway:
This week, global markets navigated a landscape of consolidation and cautious optimism. US and European equities held near highs, the US dollar weakened, gold soared to new records, oil rebounded, and crypto assets surged—each move grounded in real, up-to-the-minute prices. The interplay of central bank signals, political headlines, and corporate results shaped a market story that’s as much about human psychology as it is about numbers.
1. Major Stock Indices: The Pulse of the West
| Index | Closing Price (Jan 23, 2026) | Weekly Change | Daily Change |
|---|---|---|---|
| S&P 500 | 6,915.62 | -0.80% | +0.03% |
| Dow Jones | 49,098.71 | -0.74% | -0.58% |
| NASDAQ Composite | 23,501.24 | +0.34% | +0.28% |
| EURO STOXX 50 | 5,948.20 | +0.38% | -0.13% |
| DAX (Germany) | 24,900.71 | -1.72% | +0.06% |
| CAC 40 (France) | 8,041.35 | -0.87% | -0.87% |
| FTSE 100 (UK) | 10,143.44 | -0.07% | -0.07% |
US indices consolidated near all-time highs, with tech showing resilience. European indices saw mild pullbacks, especially in Germany and France, but the overall tone remained constructive .
2. Forex: The Dollar’s Retreat
| Pair | Latest Price (Weekend) | Weekly Change |
|---|---|---|
| EUR/USD | 1.0895 | +1.95% |
| GBP/USD | 1.2702 | +1.31% |
| USD/JPY | 146.85 | -0.91% |
| USD/CHF | 0.8756 | -0.84% |
| AUD/USD | 0.6874 | +1.12% |
| USD/CAD | 1.3241 | -0.67% |
The US dollar weakened broadly, as dovish Fed expectations and improving European sentiment drove flows into the euro and pound. The yen and Swiss franc benefited from safe-haven demand .
3. Commodities: Gold’s Record, Oil’s Rebound
| Commodity | Latest Price (Weekend) | Weekly Change |
|---|---|---|
| Gold (Spot) | $4,983.10/oz | +0.96% |
| COMEX Gold | $4,979.70 | +1.35% |
| WTI Crude Oil | $60.30/bbl | +1.5% |
| Brent Crude | $65.88/bbl | +2.84% |
Gold hit new all-time highs, driven by safe-haven flows and central bank buying. Oil prices rebounded, with WTI and Brent both up on the week, supported by supply concerns and OPEC+ discipline .
4. Cryptocurrencies: The Digital Surge
| Asset | Latest Price (Weekend) | Weekly Change |
|---|---|---|
| Bitcoin | $89,478.85 | +5.96% |
| Ethereum | $2,953.74 | +10.29% |
| Solana | $126.90 | +11.73% |
| Cardano | $0.512 | +7.12% |
| Dogecoin | $0.089 | +4.85% |
Crypto markets rallied, with Bitcoin nearing $90,000 and Ethereum and Solana outperforming on network upgrades and DeFi momentum. The sector’s volatility remains a double-edged sword, but the trend is decisively upward .
The Global Narrative: What Moved the Markets?
- Central Banks: The Fed’s dovish tone and the ECB’s patience kept risk assets afloat and the dollar on the back foot.
- Politics: US-China trade tensions, European political uncertainty, and Middle East risks kept markets alert but did not derail the risk-on mood.
- Corporate Earnings: US tech and banks delivered strong results, while European industrials faced headwinds. M&A activity signaled renewed corporate ambition.
The Week Ahead: Forecasts & Key Levels
Key Finding:
The dominant themes for the coming week are likely to be continued USD weakness, risk-on sentiment in equities and crypto, gold’s safe-haven allure, and oil’s search for direction. Technical setups suggest momentum could continue—if macro winds cooperate.
What to Watch
- Stocks: US and European indices are poised near resistance. A breakout is possible if earnings and macro data surprise to the upside.
- Forex: The dollar’s weakness is likely to persist, with EUR/USD and GBP/USD targeting higher levels. Watch for any hawkish surprises from the Fed or risk-off shocks.
- Gold: Consolidating near record highs, with $5,000 as the next psychological barrier.
- Oil: Range-bound, with support at $58.50 and resistance at $62.00.
- Crypto: Bitcoin and Ethereum are at key technical junctures. A break above $90,000 for BTC or $3,000 for ETH could spark a new rally, but volatility is the only guarantee.
Visual Dashboard: Weekly Performance
Multi-Asset Weekly Performance Table
| Asset/Class | Latest Price | Weekly Change |
|---|---|---|
| S&P 500 | 6,915.62 | -0.80% |
| Dow Jones | 49,098.71 | -0.74% |
| NASDAQ | 23,501.24 | +0.34% |
| EURO STOXX 50 | 5,948.20 | +0.38% |
| DAX | 24,900.71 | -1.72% |
| CAC 40 | 8,041.35 | -0.87% |
| FTSE 100 | 10,143.44 | -0.07% |
| EUR/USD | 1.0895 | +1.95% |
| GBP/USD | 1.2702 | +1.31% |
| USD/JPY | 146.85 | -0.91% |
| Gold (spot) | $4,983.10/oz | +0.96% |
| WTI Crude Oil | $60.30/bbl | +1.5% |
| Bitcoin (BTC) | $89,478.85 | +5.96% |
| Ethereum (ETH) | $2,953.74 | +10.29% |
| Solana (SOL) | $126.90 | +11.73% |
Conclusion: The Market’s Living Story
This week, the markets reminded us that behind every chart and data point lies a story—a story of ambition, fear, and opportunity. The numbers above are real, the risks are real, but so too is the potential. As we step into the new week, the only certainty is uncertainty. But that, as always, is where the story gets interesting.
Summary Box:
- US and European equities: Resilient, but at a crossroads
- USD: Weakness likely to persist
- Gold: Safe-haven demand remains strong
- Oil: Range-bound, awaiting a catalyst
- Crypto: Poised for a breakout, but volatility is the only guarantee
All prices and changes are based on official closing data for stock indices (Jan 23, 2026) and the most recent available real-time data for forex, gold, oil, and crypto assets (includ weekend trading).
El Mundo del Trading en los Mercados Financieros 