SPX hits record high on hopes of softer Trump and Fed policy
·
But at 217 TTM EPS, and 6500 SPX 500, the TTM PE
would be 30, a historical bubble zone; the focus would be on Trump’s tariff
and Fed tantrum
·
The actual import data and tariffs collected by the
US Treasury (paid by US importers) are around 6% in H1CY25 vs the earlier 3% in
H1CY24
·
If Trump implements all his reciprocal tariffs
narrative from August 1, 2025, as per current rates, then the effective
weighted average tariffs would be around 24%
·
Trump is also offering additional tax deduction
upfront on CAPEX expenses, which is acting as a fiscal stimulus for Wall Street
In early Asian Session, Monday, July 21, 2025, Wall
Street Futures recovered from Trump’s EU tariff threat (15-20%) panic low after
another Trial balloon that Trump may be fine with EU tariffs of 15%. Although
there was some concern about Fed Chair Powell’s resignation probability, the
market was also calm after a report that Treasury Secretary Besant may have
convinced his boss, President Trump in a private conversation that at this
moment, firing Powell may act as a boomerang for Wall Street and thus there is
a need for patience. And anyway, the Fed is expected to start cutting rates
from September unanimously, even after another pause in July.
Extension
of Tariff Deadline to August 1, 2025:
On July 8, 2025, President Trump signed an
executive order extending the deadline for "reciprocal" tariffs
(except those on China) from July 9 to August 1, 2025. This extension was based
on recommendations from senior officials and ongoing trade negotiations. The
move was intended to provide more time for countries to negotiate trade deals
with the U.S. to avoid higher tariffs.
New Tariff
Rates Announced for Specific Countries:
On July 7 and 8, 2025, Trump sent letters to 14
countries, including Japan, South Korea, Malaysia, Kazakhstan, South Africa,
Laos, Myanmar, Bosnia and Herzegovina, Tunisia, Indonesia, Bangladesh, Serbia,
Cambodia, and Thailand, detailing new tariff rates effective August 1, 2025.
These rates include:
·
25% tariffs on
goods from South Korea, Malaysia, Kazakhstan, and Tunisia.
·
30% tariffs on
goods from South Africa.
·
35% tariffs on
goods from Serbia and Bangladesh.
·
36% tariffs on
goods from Thailand and Cambodia.
·
40% tariffs on
goods from Myanmar and Laos
·
50% tariffs on
goods from Brazil
·
19% tariffs on
goods from the Philippines
·
15% tariffs on
goods from the EU (Chatter)
·
15% tariffs on
goods from Japan, Indonesia
·
30% tariffs on
goods from China (including 20% Fentanyl levy)
·
10% tariffs on
goods from the U.K.
·
55% tariffs on
non-USMCA goods from Mexico (~ on 50% of imports) vs earlier 50% (including
Fentanyl tariffs of 25%); the remaining 50% imports 0% under USMCA; effective
weighted average tariffs were ~25% from April’25 vs 27.5% from Aug’25
·
60% tariffs on
non-USMCA goods from Canada (~ on 10% of imports) vs earlier 50% (including
Fentanyl tariffs of 25%); USMCA compliant goods 0% on ~40% of exports and 10%
on energy products & potash (Fertilizer) ~50% of imports; effective
weighted average tariffs were ~10.00% from April’25 vs 11.00% from Aug’25
Country-Specific
Tariffs
China: 10% baseline + 20% fentanyl levy, total 30%
effective May 14, 2025, after a 90-day reduction from 145% (May 12 deal-temporary
truce); it’s set to expire August 12, 2025, potentially rising to 54% (34%
reciprocal + 20% fentanyl). China reduced tariffs to 10%, resumed rare earth
exports. An additional 25% chip tariff applies. Talks ongoing (July 21, 2025);
US permits AI chips and critical areophane parts exports to China. We may
expect a US-China meeting on trade by the last week of July and another
extension for 90 days to November-December’25. Trump and Xi may meet on the
sidelines of the APEC summit in the coming months and Trump may also visit
China in September’25, where Trump may also announce the withdrawal of 20%
Fentanyl tariffs on Chinese goods for ‘satisfactory compliance’ to prevent the
precursors from entering the US directly or indirectly.
Mexico: Mexico (50% Non-USMCA): 25% base tariff + 25%
fentanyl tariff on non-USMCA goods (~50%, ~$250 billion), effective March 4,
2025, under IEEPA. USMCA-compliant goods (~50%) are exempt indefinitely.
Threatened a 30% base tariff increase to a total of 55% with fentanyl (unconfirmed).
Mexico plans retaliation, with a July 17, 2025, Section 301 investigation leading
into digital trade (DST) escalating tensions; Overall, Mexico’s weighted
average tariffs were ~12.50% from April’25 and set to rise to 13.75% from
August’25 unless Trump modifies it again.
Canada: 35% base tariff + 25% fentanyl tariff on non-USMCA
goods (~10% of imports), effective August 1, 2025; USMCA goods (~40%) exempt;
energy/potash at 10% (on ~50% of Canadian exports). Canada’ USMCA-compliant
goods (~38/40%) primarily consist of autos and parts meeting 75% North American
content. Energy and potash exports (~52/50% consist of mainly oil, gas, and
minerals face a 10% tariff. The remaining ~8/10% are non-USMCA-manufactured
goods like electronics or agricultural products face the 60% tariff from
August’25 vs the earlier 50% in April’25; i.e., effective weighted average
tariffs would be ~11.00% from August vs 10.00% earlier in April’25. Canada
retaliated with 25% tariffs on $107 billion of U.S. goods. Impacts autos,
steel.
Indonesia –
19% Tariff: On July 15,
2025, Trump announced a trade deal reducing Indonesia’s tariff from 32%
(threatened July 7, 2025) to 19%, effective August 1, 2025. Indonesia
eliminated 99% of tariffs on U.S. goods, committed to $19.5 billion in U.S.
purchases (energy, agriculture, Boeing jets), and will supply critical
minerals. The 19% tariff minimally impacts U.S.
consumers but supports U.S. exporters.
U.S.-Japan
Tariff Update (Effective August 1, 2025): Japan Tariff Status
Current
Status (15% Trade Deal): On July
22, 2025, President Trump announced a “massive” trade deal with Japan,
effective August 1, 2025, setting a 15% “reciprocal” tariff on all Japanese
goods exported to the U.S., including automobiles and auto parts, replacing the
10% baseline tariff (April 9, 2025) and the previously threatened 24% tariff
(April 2, 2025) and 25% tariff (July 7, 2025). Japan committed to $550 billion
in U.S. investments (e.g., manufacturing, natural gas pipeline projects) and
opened markets to U.S. goods (cars, trucks, rice, agricultural products) with
zero tariffs. Steel and aluminum remain subject to a 50% Section 232 tariff,
and semiconductors face a 25% Section 301 tariff, with exemptions for
smartphones and certain electronics.
On June 23,
Trump announced Japan’s 15% tariffs:
“We just completed a massive Deal with Japan,
perhaps the largest Deal ever made. Japan will invest, at my direction, 550
Billion Dollars into the United States, which will receive 90% of the Profits.
This Deal will create Hundreds of Thousands of Jobs — There has never been
anything like it. Perhaps most importantly, Japan will open its Country to
Trade including Cars and Trucks, Rice and certain other Agricultural Products,
and other things. Japan will pay Reciprocal Tariffs to the United States of
15%. This is a very exciting time for the United States of America, and
especially for the fact that we will continue to always have a great
relationship with the Country of Japan. Thank you for your attention to this
matter!”
Trump announced Japan’s 15% tariffs quite
unexpectedly and suddenly on July 23, after the US Treasury Chief Besant
visited Japan on the previous weekend for export promotion. This follows just
after the Japanese upper House election, in which the ruling party LDP has to
face a miserable defeat primarily due to Trump’s tariffs tantrum on Japan and
Japan’s show of weakness at Trump’s tariff gunpoint.
Previous
Trump Tariff Threats: On April 2,
2025, Trump imposed a 24% tariff on Japanese goods (reduced to 10% on April 9,
2025, for 90 days). On July 2, 2025, he threatened a 35% tariff, revised to 25%
on July 7, 2025, via a letter to Prime Minister Shigeru Ishiba, citing Japan’s
$148 billion trade surplus (2024). The 15% deal, announced after intense
negotiations, is the “lowest figure” among countries with U.S. trade surpluses,
while Besant pointed out age age-old good relationship between the US and Japan
on the geopolitical front.
Developments: Japan’s negotiator, Ryosei Akazawa, called the
deal “#Mission Accomplished” on X, noting no volume restrictions on auto
tariffs (unlike the UK’s 100,000-vehicle quota at 10%). Japanese PM Ishiba
emphasized ongoing talks for steel/aluminum tariffs. Bank of Japan Deputy
Governor Shinichi Uchida called it “very big progress,” reducing recession
risks.
Economic
Impact
·
Japan’s 15%
Tariff: Affects ~$148 billion in Japanese exports (2024), with autos (28.3% of
exports, $41 billion) benefiting from the reduction from 25%.
·
Raises U.S.
consumer prices (e.g., vehicles, electronics) but less than feared.
·
Japan’s $550
billion investment supports U.S. manufacturing (e.g., Alaska gas pipeline).
·
Some estimates
see a 0.5% U.S. PCE price increase for the US and a 0.3% Japanese GDP reduction
in 2025.
·
The White House praises
the deal as U.S.-favorable, extracting steel/aluminum (25%), and semiconductors
(25%) effective March 4, 2025, under Sections 232 and 301, respectively.
·
Despite Trump’s
0% tariff claims on US goods, Japan may not reduce its tariffs, maintaining
3–8% on U.S. goods (e.g., autos, agriculture).
Trump called the Japan deal “perhaps the largest
deal ever made,” highlighting $550 billion in investments and 90% U.S. profit
share. Trump also emphasized a “great relationship with Japan” at a White House
event. On July 14, 2025, Trump described tariffs as “the most beautiful word,”
noting flexibility on the August 1 deadline if Japan offered a better deal.
Trump’s
comments about the Indonesia and Japan trade deal:
·
President
Ferdinand Marcos, of the Philippines, is just leaving the White House, with all
of his many Representatives. It was a beautiful visit, and we concluded our
Trade Deal, whereby the Philippines is going OPEN MARKET with the United
States, and ZERO Tariffs. The Philippines will pay a 19% Tariff. In addition,
we will work together militarily. It was a Great Honor to be with the
President. He is Highly Respected in his Country, as he should be. He is also a
very good and tough negotiator. We extend our warmest regards to the wonderful
people of the Philippines!
·
It is my great
honor to announce our trade agreement with Indonesia
·
Indonesia will
supply the United States with its precious critical minerals
·
Indonesia will
sign big deals to purchase Boeing aircraft, American farm products, and
American energy.
·
Indonesia has
also agreed, for the first time, to COMPLETELY OPEN ITS MARKET TO THE USA.
That’s BIG!!! Our businesses will make a fortune. Likewise Japan!
·
Remember, Japan
is, for the first time, OPENING ITS MARKET TO THE USA, even to cars, SUVs,
Trucks, and everything else, even agriculture and RICE, which was always a
complete NO, NO. The Open Market Japan may be as big a profit factor as the
Tariffs themselves, but was only achieved because of the Tariff Power. They
also agreed to buy BILLIONS OF DOLLARS WORTH OF MILITARY AND OTHER EQUIPMENT,
and give us 90% of 550 BILLION DOLLARS - AND MORE!!! MAGA!!!
·
I will always
give up Tariff points if I can get major countries to OPEN THEIR MARKETS TO THE
USA. Another great power of Tariffs. Without them, it would be impossible to
get countries to OPEN UP!!! ALWAYS, ZERO TARIFFS TO AMERICA!!!
·
I WILL ONLY
LOWER TARIFFS IF A COUNTRY AGREES TO OPEN ITS MARKET. IF NOT, MUCH HIGHER
TARIFFS! Japan’s Markets are now OPEN (for the first time!). USA BUSINESSES
WILL BOOM!
UK: Baseline tariff effective April 5, 2025, under
IEEPA. May 8, 2025, deal reduced auto tariffs to 10% (100,000 vehicles),
eliminated steel/aluminum tariffs with quotas. The UK removed a 20% beef
tariff. No changes since July 17, 2025.
Brazil: 50% imposed by Trump on July 9, 2025, as a political
issue; compounds 50% metal tariff. Impacts coffee, orange juice. Brazil
considers 50% retaliatory tariffs, WTO action.
U.S.-EU
Tariff Update (Effective August 1, 2025): EU Tariff Status
Current
Status (10% Baseline): Trump
imposed 10% baseline + 10% reciprocal tariff; i.e. total 20% tariffs as part of
his grand Liberation day celebration event on April 2, 2025 on all EU goods
under the International Emergency Economic Powers Act (IEEPA), as part of
Trump’s reciprocal trade policy to address the EU’s $198 billion trade surplus
with the U.S. (2024 data). Sector-specific tariffs also apply: 25% on
automobiles, 50% on steel/aluminum (except above quotas), and 25% on
semiconductors, with exemptions for pharmaceuticals and certain electronics
(e.g., smartphones). But on April 5, 2025, Trump blinked, and the U.S. imposed
a 10% baseline tariff.
Potential
15% Tariff (July 23, 2025, FT Report):
The U.S. and EU are nearing a trade deal that would impose a 15% tariff on most
EU imports, replacing the 10% baseline and merging existing duties, effective
August 1, 2025. This mirrors a recent U.S.-Japan deal (15% tariff, July 22,
2025). Exemptions include aircraft, spirits, and medical devices. The EU is
preparing €93 billion ($109 billion) in retaliatory tariffs (up to 30%) if no
deal is reached by August 1, targeting U.S. cars, aircraft, and liquor.
Previous
Trump Tariffs Threats (30% Tariff):
On July 12, 2025, Trump threatened a 30% tariff on all EU goods, effective
August 1, 2025, citing stalled negotiations and EU tariffs on U.S. goods (e.g.,
digital services taxes). Earlier demands (July 18, 2025) pushed for 15–20%
tariffs, with no auto tariff reduction from 25%. The 15% deal represents a
compromise, though the EU initially sought a 10% rate or zero-for-zero tariffs.
Lutnick’s
Remarks: U.S. Commerce Secretary
Howard Lutnick, in a July 23, 2025, interview on CBS’s “Face the Nation,”
expressed cautious optimism about securing a U.S.-EU trade deal but emphasized
that the August 1, 2025, deadline for tariff imposition (potentially 30% if no
deal is reached) is “hard.” He stated, “We’ll get a deal done. I am confident
we’ll get a deal done,” but warned, “Nothing stops countries from talking to us
after August 1, but they’re going to start paying the tariffs on August 1.”
Lutnick’s comments suggest that while a 15% tariff
deal is feasible, failure to finalize by the deadline would trigger higher
tariffs, reflecting a firm U.S. negotiating stance. Lutnick implied that the EU
must “play nice” for a 15% tariff; otherwise, it will face 30%, indicating
pressure tactics. Conversely, the White House Trade Adviser Peter Navarro’s
skepticism, calling the 15% deal report “aspirational” and urging caution, as
the EU avoids public negotiation leaks.
Earlier, Lutnick expressed confidence in securing a
deal (July 20, 2025), but warned the August 1 deadline is “hard.” EU Trade
Commissioner Maroš Šefčovič noted “regret” at the 30% threat but emphasized
ongoing talks (July 14, 2025). The EU extended a duty-free U.S. lobster import
deal (expiring July 31, 2025) to de-escalate tensions.
On July 23,
Trump said in the AI summit that the US is currently in serious talks with the
EU. Trump also touted the deals he recently reached
with Japan, the Philippines and Indonesia and said he was in the process of
getting a deal with China: "Even if you're like me, a deal junkie, it's a
lot of deals, we got a lot of deals cooking--Key to any deal with the US is
opening up the country to American business”.
White House
Terminated 15% EU Trade Talks as Speculative: On July 23, 2025, the White House stated that any discussions
about a U.S.-EU trade agreement should be considered “speculation” unless
confirmed by President Trump himself. This followed the Financial Times report
and Navarro’s comments downplaying the 15% tariff deal’s certainty. The White
House’s position underscores Trump’s centralized control over trade policy
announcements, aiming to manage expectations and maintain leverage in
negotiations.
The statement aligns with Trump’s history of
erratic tariff announcements (e.g., 50% EU tariff threat on May 24, 2025,
delayed to July 9 after talks with Ursula von der Leyen). It reflects caution
amid ongoing negotiations, with EU Trade Commissioner Maroš Šefčovič engaging
U.S. officials (July 14–23, 2025) to secure a deal. The EU offered concessions
like tariff reductions on U.S, like cars from 10% to 0% if the U.S. lowers auto
tariffs below 20%, but progress remains uncertain. The “speculation” label
suggests the 15% deal is not finalized, and Trump’s approval is critical. EU
diplomats’ optimism for a 15% deal, but Navarro’s dismissal highlights risks of
higher tariffs (30%) if talks falter.
Economic
Context: A potential 15% tariff
would raise costs for EU exports (~$557 billion in 2024, e.g., vehicles,
machinery), contributing to a $1,300–$1,700 annual U.S. household cost
increase. Failure to secure a deal risks a 30% tariff, prompting EU retaliation
(e.g., €93 billion in counter-tariffs on U.S. cars, aircraft).
Sector-Specific
Tariffs: These rates are separate
from sector-specific tariffs (e.g., autos, steel & aluminum, copper) and
aim to address Trump’s perceived trade imbalances. Trump warned that
retaliatory tariffs from these countries would lead to even higher U.S. tariffs,
while also appreciating any relocation of foreign/US MNC manufacturing
facilities into the US, in which case there would be no tariffs and hard
regulation.
·
Automobiles (25%): Imposed February 1, 2025, under Section 232,
effective March 4, 2025, citing national security. Applies globally unless
exempted (e.g., UK: 10% for 100,000 vehicles; Mexico/Canada: USMCA-compliant
autos exempt). Increases vehicle prices, disrupts supply chains. Trump claims
it boosts U.S. jobs (March 6, 2025). Trump also offered an income tax deduction
on interest paid for US cars.
·
Metals (50%): Imposed February 4, 2025, under Section 232, effective March 4, 2025,
for steel/aluminum; copper added July 8, 2025. The UK is exempted with quotas;
Canada/Brazil face full tariffs. Raises costs for construction/autos. Trump
cites national security (July 8, 2025).
·
Chips (25%):
Imposed February 4, 2025, under Section 301, effective March 4, 2025, to
support CHIPS Act; Applies globally, with exemptions for some electronics
(e.g., smartphones). Increases electronics costs but encourages U.S.
production. Trump emphasizes tech independence (February 4, 2025).
·
Pharmaceuticals (Planned): On July 8, 2025, Trump threatened a 200% tariff
on imported pharmaceuticals, giving drug makers about a year to a year and a
half to facilitate US production. This
followed earlier announcements in January and February 2025 of tariffs on
pharmaceuticals and semiconductors at 25% or higher.
Conclusions
Overall, Trump’s proposed (threatened) weighted average tariffs as of April 2, 2025, were around 28%, but actual implemented tariffs were around 12% theoretically. Practically, the actual import data, tariffs collected by the US Treasury (paid by US importers), is around 6% in H1CY25 vs the earlier 3% in H1CY24. If trump implements all his reciprocal tariffs narrative from August 1, 2025 as par above table, then the effective weight5ed average tariffs would be around 24% and if we adjust old tariff of 3%, then the net impact would be ~21%, which is substantial, but could be absorbed equally by US importers, consumers and may be also by global exporters.
Overall,
despite Trump’s new tariff threats, Wall Street is steady, hovering around life
lifetime high as:
·
Fine prints of
import data show actual effective tariffs of ~6% vs earlier 3% in H1CY25; thus,
it’s not showing big in the US inflation data so far (together with front
loading)
·
The market
believes that Trump will soon withdraw Fentanyl from China
·
Trump may impose
reciprocal 10-15% tariffs on the EU
·
The effective
weighted average tariffs on Mexican and Canadian goods are now ~12.50% and
10.00% despite the big Trump tariff headline; it would be 13.75% and 11% from
August 1 if Trump goes on in his threat.
·
Overall, Trump
may keep average effective rates 15% for the EU, 10% for China, 10-15% for Mexico,
and for Canada, contributing ~60% of US imports
·
If Trump keeps
~20% average tariffs on the rest 40% from the rest of the world, overall
effective tariffs may be ~15% vs 3% prior, which may not be a big issue as it
would be equally divided between US importers, US consumers, and may also be
global exporters.
·
But if Trump
keeps 15-20% average tariffs on top five exporters (China, EU, Mexico, Canada
and Japan) and 20% on rest of the world, effective weighted average tariffs
should be around 18-22%, which may create some issues for both Wall Street (US
importers/corporates/producers/retailers), Main Street (US consumers) and also
Global Street (global exporters).
·
So far, Trump’s
August Tariff plan is showing around a 17.50% weighted average rate on the top
20 importers, contributing almost 88.50% of imports.
·
If Trump
withdraws the 20% Fentanyl levy on China alone, the weighted average effective
rate would be around 15% from the top 20 importers.
·
As per Trump
admin projections about potential tariffs revenue of ~ $300B per year on average
on ~$3T US imports per year, implying 10% weighted average US tariffs from
2025-2035
Overall, Wall Street Futures are hovering around a record
high, led by hopes of less hawkish Trump trade and Fed policy in the coming
days; also mixed report card for Q2CY25 so far is helping.
Fair Value
of SPX-500:
Talking about earnings, the TTM (Q1CY25) SPX-500
was $217 vs 191 (y/y); grew by around 13.2% and at the present run rate is set
to grow by around 2.5% to 222 in Q2CY25 and 11.5% from CY25 to 234 by CY25 and
259 for CY26. The TTM PE for SPX-500 at 6350 levels is now around 30, at a historically
bubble zone against the overall average growth run rate of around 10.6%, the
average fair value for SPX-500 for CY25 should be around 5273 and 5834. As the
stock market generally discounts 1Y earnings in advance, the best case scenario
for SPX-500 in CY25 should be around 6500 (~6482) and the base case scenario
could be around 5800 (~5834) to 5200 (~5185) depending on the actual Trump
tariff trajectory. Lower Fed rates and lower Fed interest on bank reserve would
be negative for banks & financials.
Market
Impact
Wall Street futures closed mixed Thursday, July 24,
2025, on hopes & hypes of softer Trump tariffs and Fed monetary policy and
mixed report card/corporate updates. The S&P 500 and the Nasdaq 100 closed
at fresh record highs on Thursday, edged up respectively, supported by strong
earnings from Alphabet that bolstered investor confidence in AI investments.
Alphabet surged after the company topped 2nd quarter expectations
and raised its 2025 capital spending forecast by $10 billion, lifting fellow
tech giants like Microsoft, Nvidia, and Amazon.
Tesla plunged after CEO Elon Musk issued a guidance
warning of challenging quarters ahead. The Dow Jones (DJ-30) lagged, dropping
270 points, dragged down by a plunge in IBM on disappointing revenue and a 4.7%
decline in UnitedHealth, which revealed a DOJ investigation and decided to
contest the same.
Markets were also focused on President Trump’s
surprise visit to the Federal Reserve, where he intensified pressure on Chair
Powell over interest rates. Meanwhile, trade negotiations remained a key theme,
with progress reported in talks with the EU, and South Korea—though Trump
indicated that no tariffs would fall below 15%.
On Thursday, Wall Street was boosted by energy
(high oil), techs, and communication services, while dragged by consumer
discretionary, materials, healthcare, consumer staples, industrials, utilities,
real estate and financials. DJ-30 was boosted by Chevron, Nvidia, Amazon,
Microsoft, Walmart, Verizon, Caterpillar and P&G, while dragged by IBM,
Honeywell, United Health, Nike, McDonald’s, Boeing, Travelers, and 3M.
Weekly
Technical outlook: DJ-30, NQ-100, SPX-500 and Gold
Looking
ahead, whatever may be the narrative, technically Dow Future (CMP: 44800) now has to sustain over 45000 for a
further rally towards 45300*/45800* and only sustaining above 45800, may
further rally to 46100/46500-47100/47200 in the coming days; otherwise
sustaining below 44950, DJ-30 may again fall to 44200/43900-43400/42400 and
41700/41200-40700/39900 in the coming days.
Similarly,
NQ-100 Future (23000) now has
to sustain over 23100 for a further rally to 23300/23600*-23800/24000 and
24100/24450-24700/25000 in the coming days; otherwise, sustaining below 22900,
NQ-100 may again fall to 2400/22200-21900/20900-20700/20200 and
19890/18300-17400/16400in the coming days.
Looking
ahead, whatever may be the fundamental narrative, technically SPX-500 (CMP: 6300) now has to sustain over 6450-6500 for
a further rally to 6600/7000-7500/8300 in the coming days; otherwise,
sustaining below 6375/6300-6250/6200, SPX-500may again fall to
6000/5800-5600/5300 in the coming days.
Technically
Gold (CMP: 3350) has to sustain over 3375-3395 for a
further rally to 3405/3425*-3450/3505*, and even 3525/3555 in the coming days;
otherwise sustaining below 3365-3360, Gold may again fall to
3340/3320-3300*/3280 and 3255*/3225*-3200/3165* and further to 3130/3115*-3075/3015-2990/2975-2960*/2900*
and 2800/2750 in the coming days.
Disclaimer: I am an NSE-certified Level-2 market professional (Financial Analyst- Fundamental + Technical) and not a SEBI/SEC-registered investment advisor. The article is purely educational and not a proxy for any trading/investment signal/advice. I am a professional analyst, signal provider, and content writer with over ten years of experience. All views expressed in the blog are strictly personal & independent and may or may not match with any organization with, I may be associated.
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