US stocks mixed amid trade tariff anticipation. EUR/USD and GBP/USD weaken, while Gold consolidates near record highs. Our technical analysis covers key levels across major markets.
US dollar and stock indices whipsawed while gold remained firm
The major US stock indices had a choppy session yesterday, 1 April, as traders wait for US President Trump’s “Liberation Day” reciprocal trade tariffs announcement at the close of today, 2 April, US session (3 April, 4 am Singapore time).
Interestingly, the Wall Street Journal reported yesterday that the US Trade Representative’s office is preparing a new tariff option for Trump before today’s scheduled reciprocal trade tariffs announcement, which is likely to be less aggressive in form.
The US mega-cap technology rallied on the backdrop of such positive news flow, which in turn led the S&P 500 and Nasdaq 100 to close in positive territories by the end of yesterday’s US session with daily gains of 0.4% and 0.80%. However, the Dow Jones Industrial Average and Russell 2000 faltered and ended almost unchanged.
The bullish momentum of the EUR/USD and GBP/USD seen at the start of this week has dissipated as both broke below their respective 20-day moving averages. After hitting a fresh all-time high of US$3,149 in yesterday’s Asian session, Gold (XAU/USD) traded sideways and held above a key short-term support at US$3,110/3,100.
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.
