XAU/USD looking for another record
As the dollar looks for its next direction, the announcement of US auto tariffs heightened concerns over this week’s reciprocal measures. Gold traders could be fearing the worst if more buyers enter the dollar market as inflation looks to tick higher. On the flip side, these measures imposed by the new President could stoke fears of a broader trade war and global economic fallout as the yellow metal searches for another record. 3000 is the closest support, with 3060 a firm resistance.
EURUSD sliding lower
Another week and another round of tariffs. This time, Donald Trump has placed a 25% tariff on all cars not made in the USA. This briefly led to a reversal of gains on the pair as the greenback holds firm over most of its rivals. After March’s rally, which saw over 400 pips added to the Euro, traders will be wondering, as we step into a new month, if these gains will be wiped out, especially as the Non-Farm Payrolls could surprise as see more of a revival for the dollar. 1.0650 is the next target lower as 1.0800 becomes a firm resistance.
NAS 100 attempts another record
The US dollar and Gold weren’t the only markets shaken up by Trump’s tariff announcement as the Nasdaq, along with many stocks, were dragged lower. Shares of Nvidia and Tesla dropped, with investors uncertain about the scale of the tariffs, and the ripple effects on the global economy and businesses are ongoing. As the Nasdaq dropped 2% on the news, it could be a long road back as prices hover around the 20000 area, with 19200 being the closest support.