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On Trump's first day in office, tariffs will not be imposed temporarily. The US dollar fell sharply on Monday, and gold prices may rise against key resistance
On Monday, as Trump did not threaten to impose higher tariffs in his speech, the US dollar index fell more than 1% during the day, falling below the 109 mark and dropping to around the 108 mark, ultimately closing down 1.22% at 108.08. The US Treasury market is closed for one day due to Martin Luther King Jr. Memorial Day. US President Trump did not immediately impose tariffs on Monday, causing the US dollar index to plummet by 1.22%, recording its largest single day drop in over a year and hitting a low of 107.91, the lowest since January 7th, providing support for gold prices. Gold prices closed at $2706.91 per ounce on Monday, up about 0.17%. The daily moving average is close to a bullish line, and gold prices are expected to continue rising and launch a resistance attack towards the over two month high of 2726.05 reached on December 12th. Due to Trump's promise to increase US crude oil production and delay tariffs that may limit supply and harm demand, both oil prices have fallen by more than 1%. WTI crude oil experienced a short-term plunge before the US market, dropping to around $75 at one point before closing down 1.43% at $76.19 per barrel; Brent crude oil closed down 1.09% at $79.09 per barrel.
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