Trump’s fees are confused by global markets … and gold retracts its standard levels
Gold price
After gold recorded a record price of $ 3167 an ounce last Thursday, the prices witnessed a decline with the increasing concern about the global economic repercussions of these fees.
Gold continues to receive support from continuous commercial fluctuations, ambiguity in the total economic scene, as well as geopolitical tensions.
Gold increased by approximately 18% since the beginning of the year, continuing its gains that were achieved in 2024, supported by strong purchases from central banks, the escalation of geopolitical risks, and the increase in demand in Asian markets.
Although gold was broken last Friday, the level of psychological support at $ 3100, the yellow metal is still on its way to achieve the fifth weekly gain in a row.
The customs duties imposed by Trump include a 10%basic tax on all imports, with higher rates on some major commercial partners such as China (34%), the European Union (20%), and Japan (24%).
These measures led to the growing concerns about the slowdown in economic growth and the growing possibilities of “inflationary recession”, a scenario that has always been a supportive environment for the high price of gold as a long -term safe haven.
Technically, gold is trading in the time frame for four hours without its simple moving average for 9 days at 3097 dollars, with possible resistance at the upper limit of the Polyinger lines at 3150 dollars, and close support to the moving average for 50 days at $ 3048.
Crude
Oil prices fell sharply last Thursday, recording a decrease by 5.3%, and continued to decline on Friday by 1.67% during morning trading.
This decline came as a result of two main development: First, Trump announced a new wave of customs duties, which raised concerns about the global economy, and secondly, “OPEC+” decision to increase production at a faster rate than expected.
Prices decreased to below $ 66 a barrel, after OPEC decided to double the size of the planned increase in production, in a move aimed, according to informed sources, to reduce prices and punish member states that exceeded their agreed productivity shares.
Since Trump took office, oil prices have been subjected to mixed pressure, as US sanctions on countries such as Russia, Iran and Venezuela have reduced the supply, while the escalating trade war formed a pressure factor on global demand.
The decline in demand for oil in China has exacerbated prices on prices. Technically, oil is trading without its mobile average for 9 days, with support at 63.69 dollars (the lowest level in May 2023) and resistance at $ 67.75.
American markets
The “Wall Street” indicators witnessed a sharp decline in the session last Thursday, as it incurred its largest daily losses since 2020, after the comprehensive customs duties announced by Trump raised fears of the outbreak of a comprehensive trade war and global economic stagnation.
The “Standard & Poor’s 500” index fell by 4.84%, while “NASDAC” fell by 5.97%, after Trump imposed a 10%basic tax on all imports, in addition to higher fees on the main commercial partners.
The “Russell 2000” index officially entered into a descending market after it decreased by more than 6%, while “Standard & Poor’s 500” returned to the technical correction area after declining by more than 10% from its peak registered in February.
The only sector that recorded gains was the basic consumer commodity sector, an increase of 0.69%.
Investors now focused on non -agricultural job data and the speech of the Federal Reserve President Jerome Powell on Friday, because of its importance in assessing the health of the American economy and the future path of interest rates.
Technically, the Standard & Poor’s 500 is traded without its mobile average for 9 days, with support at the level of 5333 and resistance at 5500 points.
US dollar index
The dollar index fell by 1.69% in the session last Thursday, to record its lowest levels in several months, amid investor evaluation of the repercussions of new customs duties.
The decrease in the bond returns through the curve and the increasing demand for the Japanese yen as a safe haven led to an increase in pressure on the dollar.
Trump announced the imposition of 10% global customs duties on all imports, in addition to higher fees on the main commercial partners, including 20% on European Union imports and 24% on Japanese goods. As for China, it is now facing collected fees of 54%, after calculating the previously imposed fees this year.
According to the report issued by “Senchrey Financial”, technically, the dollar index is trading without its moving average for 9 days, with support at the level of 101.2 and resistance at 102.2 on the chart of four hours. If the support level is broken, 100 points may be tested.
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