US stocks see a choppy session as new tariff concerns emerge. The US dollar declines, and Gold recovers. Our technical analysis covers key levels across major markets.
US dollar remained weak while US stock indices retreated below 20-day moving averages
US stocks trimmed initial gains on Monday, 14 April, after a euphoric rally in the first hour of the US session as market participants digested a slew of new tariff-related news flow. The S&P 500 gapped up with an intraday gain of 1.76% before it watered down to 0.79% at the close of the US session.
In addition, the rebound seen in the technology-heavy Nasdaq 100 could not clear above its 20-day moving average, acting as a key intermediate resistance at around 19,280 for the second time yesterday.
Positive tariff developments such as exemptions for smartphones, semiconductors, and consumer electronics, along with potential relief on automobile tariffs, were offset by the White House's move to launch national security probes into semiconductor and pharmaceutical imports, raising the risk of new sector-specific tariffs and supply chain disruptions.
Also see our chart of the week - US S&P 500 is at risk of another potential bearish move
The U.S. dollar fell for a third straight session as the “U.S. exceptionalism” narrative faded. The Australian dollar led major currencies, rising 0.2% against the US dollar on hopes of additional stimulus from China.
Gold (XAU/USD) rebounded 0.6% to $3,230 in Asia today at this time of writing, recovering from yesterday’s 0.8% drop. Key short-term support sits at $3,168 as current price actions remain just a whisker away from last Friday, 11 April, all-time closing high of $3,238.
The latest intraday technical analysis on US Wall Street 30, US Nas 100, Hong Kong 33, Japan 225, Germany 30, EUR/USD, GBP/USD, AUD/USD, USD/JPY, Gold (XAU/USD), and West Texas Oil can be found in our YouTube video above.
