I think one of the clearer trades on Wednesday after Trump announces tariffs could be gold.
If tariffs are lower than expected, then we could see some of the safety bid in gold come out. That said, it's still tough to evaluate what is priced in and what level of retaliation the US is prepared to accept.
Technically, that doji on the gold chart isn't a big surprise given the uncertainty right now but it also highlights the potential for a reversal.
I tend to think the market is priced for 9-10% tariff levels on the major trade partners of the USA. Here is a good chart of which countries to focus on.
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