Tariff concerns push gold to an all-time high, beware of Trump's new round of tariffs being more radical!

Amid growing concerns about tariffs at the beginning of the week, gold benefited from safe-haven flows and hit an all-time high above $3,120. The European Economic Calendar will release preliminary inflation data for Germany in March. In the second half of the day, the market will closely monitor trade war headlines and geopolitical developments.

According to the Wall Street Journal over the weekend, U.S. President Donald Trump's advisers are considering imposing global tariffs of up to 20% on all goods imported into the United States. The Trump administration is expected to share details of its new tariff agenda on Wednesday. In addition, Trump said on Sunday that he would impose a secondary tariff of 25%-50% on buyers of Russian oil if he believes Moscow is trying to stop him from ending the Ukrainian war. Reflecting the risk-averse market environment, U.S. stock index futures fell 0.4% to 1.2% at the latest. Meanwhile, the US dollar (USD) index fell slightly below 104.00 in the early trading session of Europe. Dallas Federal Reserve Bank's regional manufacturing survey in March and Chicago Purchasing Managers Index data will be released in the second half of the day.

Basic market trends in the foreign exchange market:

After a sharp decline on Friday, the US dollar/JPY continued to be under bearish pressure on Monday, falling below 149.00 on the same day and fell by more than 0.6%. During the Asian session on Tuesday, Japan's Ministry of Health, Labor and Welfare will release unemployment rate data for February.

Euro/USD gained traction after a six-day decline and recorded an uptick on Thursday and Friday, ending the previous week with a solid foundation. The pair remained relatively calm, fluctuating above 1.0800 in early European sessions. Data from Germany earlier in the day showed that retail sales rose by 0.8% month-on-month in February, better thanMarket expectations remain unchanged.

The GBP/USD closed slightly higher last week, although it was difficult to continue on Thursday's gains. The pair held its ground at the beginning of the European session and traded above 1.2950.

AUD/USD struggled to gain traction on Monday, trading below 0.6300. During the Asian session on Tuesday, the Reserve Bank of Australia (RBA) will announce monetary policy decisions. The market expects the RBA to keep its policy interest rate unchanged at 4.1%.

Bulle market fundamentals:

Gold has maintained a bullish tendency in the first half of the European session on Monday, and is currently near the historical peak, slightly above the $3,120 area.

Analysis of major currency trends:

Euro:Euro/USD intraday bias remains neutral. On the plus side, breaking through the 1.0857 resistance level will indicate that the correction from 1.0963 has been avatradescn.completed. The retest of 1.0953 should be viewed first. A resolute breakthrough will resume a rebound from 1.0176 to key resistance level 1.1274. In any case, as long as the 38.2% retracement level of 1.0358 to 1.0953 remains unchanged, the outlook will remain bullish.

GBP:GBPhttps://avatradescn.comGBP/Dollar intraday bias remains neutral as consolidation continues below 1.3013. On the downside, below 1.2869 will bring a deeper correction. However, the downward space should be included above 1.2721 from 1.2248 to 1.3013. On the plus side, breaking through 1.3013 will resume the rebound from 1.2099 to 1.3433 high.

Yen:The US dollar/yen breaks through the 149.53 support level indicates that the correctional recovery has been avatradescn.completed at 151.20. This is before the cluster resistance level 151.29 (38.2% retracement level 151.23 from 158.86 to 146.52). Intraday bias fell again, and the 146.52 low was retested first. A resolute breakthrough will resume a avatradescn.comprehensive decline from 158.86 to 139.57 support. Currently, the outlook will remain bearish as long as 151.23/9 remains stable in the recovery situation.

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