After the positive start to the week (gold stable above 5,100 USD, slight recovery in indices), the picture reversed again in the afternoon. US indices are building on the initial recovery and trading lower. Gold continues to rise and exceeds the 5,200 USD mark, while the US dollar in the EUR/USD pair is once again struggling with the 1.18 level. Here is a short update on the current developments.
Indices Fall Again After Recovery
The US indices (S&P 500, Nasdaq) were initially able to recover after the morning low, but have been giving back significantly since midday. The S&P 500 is currently around 0.6–0.8 % in the red, the Nasdaq even more so. The reason is the ongoing uncertainty surrounding the tariff ruling: Many market participants fear that the Trump administration will not accept the ruling and announce new measures. Export-oriented and cyclical stocks are suffering particularly. The initial stabilization overnight does not seem to hold – the market is waiting for clear signals from Washington.
Gold Price Breaks 5,200 USD
Gold continues to benefit from the uncertainty. The price rises above 5,200 USD and shows clear upward momentum. The combination of inflation fears (due to possible tariff effects) and the safe-haven function in uncertain times is driving the price. Technically, the 5,150–5,200 USD zone has been overcome; the next resistance is at 5,250–5,300 USD. As long as no signs of relaxation appear, gold remains the clear winner of the day.
US Dollar Struggles with the 1.18 Level
EUR/USD continues to trade just above 1.18, after the pair had risen more clearly overnight. The dollar shows mixed performance: Short-term it benefits from flight to “safe” currencies, medium-term the concern weighs on it that higher tariffs could slow US growth and force the Fed into a softer stance earlier. Volatility in the pair remains high – a break below 1.175 would strengthen the dollar further, a rise above 1.185 would signal relief.
Conclusion
The tariff ruling continues to act as an uncertainty factor. Gold remains the clear winner and is testing new highs, while risk assets (indices, Bitcoin) are coming under pressure again. The afternoon and evening could be decisive: New statements from Trump or the EU Commission could move the market significantly once more. Traders should closely monitor the news flow – especially the reaction at round levels (gold 5,200, EUR/USD 1.18).
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