January 29, 2026

By Nigam Arora

To gain an edge, this is what you need to know today.

Short Squeeze

Please click here for a chart of gold futures (GC_F).

Note the following:

• The chart shows gold rocketed in a vicious short squeeze.
• The chart shows when FOMC released its statement and left interest rates unchanged.
• The chart shows when Fed Chair Powell spoke.
• Wall Street was positioned for gold to pull back if Fed Chair Powell was hawkish.  In the press conference, Fed Chair Powell was decidedly hawkish.  Most importantly, Fed Chair Powell, for the first time this cycle, echoed what has been The Arora Report’s view for a while about the neutral rate.