Daily Markets

• The U.S. dollar rose Thursday, bouncing after a court blocked President Donald Trump’s import tariffs on other countries, as traders expected fewer trade-related headwinds for the U.S. economy. At 06:50 ET (10:50 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, gained 0.1% to 99.850, after earlier climbing above 100 for the first time in a week. The dollar extended its recent recovery into a third consecutive session after the U.S. Court of International Trade ruled that Trump overstepped his authority with his trade tariff plans. The Manhattan-based court ruled that the International Emergency Economic Powers Act, which Trump had used for his tariff agenda, did not give the president sufficient authority to impose tariffs, and that the final decision remained with Congress. The White House immediately appealed the decision. While the dollar has benefited from the ruling, the legal procedures following Wednesday’s move were likely to increase market uncertainty. Strategists at Goldman Sachs said the ruling blocks 6.7 percentage points of effective tariff hikes, but emphasized that “this ruling represents a setback for the administration’s tariff plans and increases uncertainty but might not change the final outcome for most major U.S. trading partners The data slate includes the second reading on U.S. GDP and weekly jobless claims, while Fed speakers include Bank of Richmond President Thomas Barkin, Fed Bank of Chicago head Austan Goolsbee and Bank of Dallas head Lorie Logan. In Europe, EUR/USD traded 0.1% lower to 1.1283, with the single currency retreating after the ruling re-appraises U.S. growth prospects and the risk premium attached to the dollar. GBP/USD traded largely unchanged at 1.3472, on course for monthly gains over just over 1% as elevated inflation keeps the Bank of England relatively restrained in terms of rate cuts.

Gold – XAU

Gold on Thursday its intraday high of US$3331.00/oz and low of $3245.36/oz. Gold is up by 0.884% at US$3317.32/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 3320-3420 keeping stop loss closing above 3420, targeting 3300-3287 and 3274-3244-3227. Buy in between 3300-3201 with risk below 3200 targeting 3320-3345-3358 and 3370-3386-3404.

Silver - XAG

Silver on Thursday its intraday high of US$33.47/oz and low of US$32.74/oz settle down by up by 1.145% at US$33.29/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 33.10-27.10, targeting 33.90-34.30 and 34.60-35.00 with stop loss should be placed on the breakage below 27.00. Sell in between 33.50-35.60 with a stop loss above 34.00 targeting 32.50-31.90-30.90 and 30.50-29.90-29.20.

Oil - WTI

Crude Oil on Thursday high of US$62.75/bbl, an intraday low of US$60.26/bbl, and settled down by 1.554% to close at US$60.54/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 61.20-64.00 with stop loss at 64.00; targeting 60.25-59.80-59.25 and 55.50-54.75-54.00. Buy above 60.00-52.00 with risk daily closing below 52.00, targeting 62.20-63.15 and 63.52-64.00.

EUR/USD

EUR/USD on Thursday an intraday low of US$1.1209/EUR, a high of US$1.1383/EUR, and settled the day up by 0.486% to close at US$1.1363/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 1.1350-1.1740, targeting 1..1300 and 1.1250-1.1200 with stop-loss at daily closing above 1.1035. Buy above 1.1300-1.1010 with risk below 1.1010 targeting 1.1340-1.1390-1.1420 and 1.1450-1.1470-1.1510.

GBP/USD

GBP/USD on Wednesday low of US$1.3414/GBP, a high of US$1.3506/GBP, and settled the day up 0.159% to close at US$1.3486/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 1.3470-1.3040 with a target of 1.3510-1.3570-1.3600 and 1.3645-1.3700- 1.3750-1.3790 with a stop loss closing below 1.3040. Sell in between 1.3510-1.1385 with targets at 1.3470-1.3400-1.3360-1.3300 with a stop loss of 1.3185.

USD/JPY

USD/JPY on Thursday an intra‐day low of JPY143.95/USD an intraday high of 146.28/USD, and settled the day down by 0.399% at JPY144.13/USD.

Technicals in Focus:

In daily charts, JPY is sustaining above 100DMA (152.35), 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 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 143.90-148.00 with risk above 149.00 targeting 145.20-144.50-143.90 and 143.00-142.50-141.90. Long positions above 143.00-138.00 with targets of 143.90-146.10-146.60-147.40 and 148.10-148.90-149.35 with stops below 138.00.