Daily Markets

• The U.S. dollar slipped slightly Thursday, while the euro stabilized near a three-week low as traders digested the Trump administration announcing a 25% tariff on imported cars, raising the prospect of an all-out trade war. The currency market reaction to the duties has been largely muted, but the U.S. imported $474 billion of automotive products in 2024, including passenger cars worth $220 billion, suggesting the impact could be large. That said, with investors worrying that the trade duties will dent U.S. growth and potentially reignite inflation, attention is likely to quickly turn to the fourth-quarter U.S. growth data later in the session, as well as the weekly initial jobless claims. In Europe, EUR/USD traded 0.2% higher to 1.0774, bouncing off the three-week low seen earlier in the session, with the single currency holding up despite the importance of the U.S. auto market. Europe’s carmakers exported around 800,000 vehicles to the United States last year, according to official U.S. trade data, about four times the number of cars exported by the U.S. to Europe. Reeves trimmed her spending plans in a budget update on Wednesday that gave some reassurance to investors. Data on Wednesday also showed U.K. inflation cooled to an annual rate of 2.8% in February from 3.0% in January. Asian currencies were largely unchanged Thursday, with investors cautious ahead of Trump’s April 2 deadline given the potential for more tariff announcements.

Gold – XAU

Gold on Thursday its intraday high of US$3035.86/oz and low of $3019.68/oz. Gold is up by 0.279% at US$3019.68/oz.

Technicals in Focus:

On the daily charts, gold trades higher than 20DMA (2197). If it drops below this level, it could lead to 2,100. The MACD is currently above the zero line and the histograms are showing an increasing trend, indicating that there may be upward movement in the coming sessions. The RSI is currently at 83.04, which is in the overbought region, suggesting there may be selling pressure in the next 2 to 3 sessions. The Stochastic Oscillator is also in the overbought territory but has given a positive crossover, indicating a bullish stance for intraday trades, but rebound in expected in all the overbought indicators.

Trading Strategy: Sell on Strength

Sell below 3079-4000 keeping stop loss closing above 4000, targeting 3069-3059-3050 and 3030-3012-3000-2,970. Buy in between 3069-2900 with risk below 2900 targeting 3077-3089-3095 and 4005-4010.

Silver - XAG

Silver on Thursday its intraday high of US$34.44/oz and low of US$33.57/oz settle up by 2.26% at US$34.39/oz.

Technicals in Focus:

On daily charts, silver is sustaining above 20MA (25.05), breakage above will lead to 23.73. MACD is below the zero line and histograms are increasing trend, bringing a bullish stance in the upcoming sessions. RSI is in the oversold region, indicating a sell signal for now. The Stochastic Oscillator is in the overbought region and gives a positive crossover to show an upside move for the intraday trade.

Trading Strategy: Buy on Dips

Buy in between 34.10-31.10, targeting 33.80-34.20-34.45 and 34.85-35.25-35.50-36.00 with stop loss should be placed on the breakage below 31.00. Sell in between 34.50-36.00 with a stop loss above 36.00 targeting 33.95-33.10-32.60 and 32.10-31.60-30.90.

Oil - WTI

Crude Oil on Thursday high of US$69.77/bbl, an intraday low of US$68.95/bbl, and settled up by 0.0803% to close at US$69.72/bbl.

Technicals in Focus:

On daily charts, oil is sustaining above its 100DMA i.e. 75.37, a support level, and breakage above will call for 77.48. MACD is above the zero line and histograms are in increasing mode will bring a bullish stance in the upcoming sessions. The Stochastic Oscillator is in the overbought region, giving a negative crossover to confirm a bearish stance; while the RSI is in the neutral region, more upside can be expected to reach the overbought region, which is highly probable.

Trading Strategy: Neutral to Sell

Sell in between 69.50-74.85 with stop loss at 75.00; targeting 67.90-67.00-66.20 and 65.60-65.00-64.50 and 63.90-63.10. Buy above 68.90-63.05 with risk daily closing below 63.00, targeting 68.55-69.00.-69.50 and 70.00-70.66-71.20.

EUR/USD

EUR/USD on Thursday an intraday low of US$1.0732/EUR, a high of US$1.0820/EUR, and settled the day up by 0.155% to close at US$1.0796/EUR.

Technicals in Focus:

On daily charts, prices are sustaining above 100DMA (1.0800), which becomes immediate support, a break below will target 1.0717. MACD is above the zero line and histograms are increasing mode, bringing a bullish view. Stochastic is in oversold territory, giving negative crossovers to the bullish outlook for intraday. 14D RSI is currently in a neutral region and giving no directions to consider right now.

Trading Strategy: Neutral to Sell

Sell below 1.0850-1.1035, targeting 1.0800-1.0725-1.0650 and 1.0600-1.0540-1.0490 with stop-loss at daily closing above 1.1035. Buy above 1.0810-1.0490 with risk below 1.0490 targeting 1.0935 and 1.0990-1.1035.

GBP/USD

GBP/USD on Thursday low of US$1.2869/GBP, a high of US$1.2991/GBP, and settled the day up 0.191% to close at US$1.2946/GBP.

Technicals in Focus:

On daily charts, prices are sustaining above 50DMA (1.2674) is becoming a support level. 14-D RSI is currently in a neutral region and direction is difficult to predict on an RSI basis. The Stochastic Oscillator is in oversold territory and gives a positive crossover to confirm a bullish stance. MACD is above the zero line, but histograms are increasing leading to movement.

Trading Strategy: Neutral to Buy

Based on the charts and explanations above; buy in between 1.2900-1.2380 with a target of 1.2920-1.2960-1.2990 and 1.3040-1.0390-1.3140 with a stop loss closing below 1.2380. Sell in between 1.2960-1.3140 with targets at 1.2920-1.2850-1.2790-1.2753 and 1.2660-1.2590-1.2510 with a stop loss of 1.3140.

USD/JPY

USD/JPY on Wednesday an intra‐day low of JPY150.05/USD an intraday high of 151.15/USD, and settled the day up by 0.337% at JPY151.01/USD.

Technicals in Focus:

In daily charts, JPY is sustaining above 100DMA (155.35), major support on the daily chart. 14-D RSI is currently in the overbought region and chances of downward are expected based on RSI. MACD is above the zero line but histograms are in decreasing mode which might lead to downward movement. The Stochastic Oscillator is in overbought territory and signaling to sell as it has given a negative crossover to confirm a bearish stance.

Trading Strategy: Neutral to Sell

Sell below 150.90-159.50 with risk above 160.00 targeting 148.00-147.10-146.50 and 146.00-145.20-144.50. Long positions above 149.10-143.50 with targets of 148.00-148.60-149.00 and 150.00-150.60-151.10 with stops below 143.00.