US: Treasury Sec Bessent To Deliver Remarks Shortly, Tariffs In Focus

• Gold rose to another record high ahead of President Trump’s address at the WEF in Davos today, before paring gains as his comments on not using force to acquire Greenland helped to stabilise sentiment somewhat.
• Subsequently, Trump has posted on social media to say that he has a framework for a future deal on Greenland with NATO, and won't impose Greenland-linked tariffs on Feb 1, prompting a further risk-on move.
• Spot gold has now gapped lower and is currently up by just 0.2% on the day at $4,774/oz at typing, well below the earlier high at $4,888.42.
• The trend structure in gold remains bullish and another fresh cycle high today reinforces current conditions. Sights are on the $4,900.0 handle next, and further out the psychological $5,000.0 level.
• Initial firm support to watch lies at $4,542.8, the 20-day EMA.
• Meanwhile, crude has reversed earlier losses and is slightly higher on the day as the market weighs disruption to CPC supplies.
• WTI Mar 26 is up by 0.4% at $60.6/bbl.
• A bull cycle in WTI futures remains intact for now and a short-term cycle high last week reinforces a bull theme.
• Price has recently traded through a key short-term resistance at $60.91, the Oct 24 high, strengthening the bull phase and highlighting a stronger reversal of the recent downtrend. Sights are on $62.41 next, a Fibonacci retracement.
• Initial firm support lies at $58.68, the 50-day EMA.

• Bit of risk-on after Pres Trump posts on social media he has a "framework for future deal on Greenland with NATO" adding he "won't impose Greenland-linked tariffs on Feb 1".
• TYH6 +7 at 111-20.5 vs. 111-21.5 high
• Stocks at or just beyond earlier highs: 
  • DJIA up 590.08 points (1.22%) at 49039.18
  • S&P E-Mini Future up 74.25 points (1.09%) at 6899
  • Nasdaq up 238.2 points (1%) at 23165.55
• Gold trims gains: to appr 4815.0 vs. 4888.42 record high earlier.

From Truth Social: @realDonaldTrump "Based upon a very productive meeting that I have had with the Secretary General of NATO, Mark Rutte, we have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region. This solution, if consummated, will be a great one for the United States of America, and all NATO Nations. Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st. Additional discussions are being held concerning The Golden Dome as it pertains to Greenland. Further information will be made available as discussions progress. Vice President JD Vance, Secretary of State Marco Rubio, Special Envoy Steve Witkoff, and various others, as needed, will be responsible for the negotiations — They will report directly to me. Thank you for your attention to this matter!
DONALD J. TRUMP

PRESIDENT OF THE UNITED STATES OF AMERICA"