Market Analysis Summary: Tariff Shock Lifts Gold, Pressures Risk Assets
Date: February 24, 2026
Market Overview
Global markets faced increased volatility on February 24, 2026, primarily due to escalating tariffs and geopolitical tensions. The announcement of a temporary tariff increase to 15% by President Trump, following a Supreme Court ruling, heightened trade policy uncertainty, leading to significant declines in all three major U.S. stock indices. The Dow Jones Industrial Average fell by 1.66%, the S&P 500 by 1.04%, and the Nasdaq Composite by 1.13%. The tech sector, particularly AI-related stocks, was notably affected, alongside financial shares.
Currency Movements
The U.S. Dollar Index weakened, approaching the 96.8 level. Market sentiment regarding the tariff developments was mixed; while higher tariffs could potentially increase inflation and reduce expectations for rate cuts (which might support the dollar), the uncertainty surrounding policy could also accelerate concerns about de-dollarization, negatively impacting the greenback. The euro and Japanese yen saw modest rebounds against the dollar.
Precious Metals and Oil Prices
Safe-haven assets, particularly gold, experienced a surge in demand. Spot gold prices increased by over 2%, closing at $5,206.39 per ounce, reaching a three-week high during the trading session. The combination of tariff increases and renewed tensions between the U.S. and Iran drove investors towards gold. Meanwhile, oil prices remained near six-month highs, with Brent crude settling at $71.49 per barrel and WTI at $66.31 per barrel. The market is closely monitoring the upcoming U.S.–Iran nuclear talks in Geneva, which are expected to influence oil prices further.
Key Economic Indicators
Attention is focused on the upcoming U.S. Conference Board Consumer Confidence Index and the Richmond Fed Manufacturing Index. A positive outcome in these indicators could bolster expectations of U.S. economic resilience, supporting the dollar and equities while potentially limiting gold's upside. Conversely, disappointing results could heighten concerns about an economic slowdown, exerting pressure on the dollar and supporting gold prices.
Market Analysis of Key Instruments
EUR/USD
Resistance: 1.1828 / 1.1847 | Support: 1.1747 / 1.1727
The euro showed a modest rebound due to dollar weakness, but tariff uncertainties continue to weigh on market sentiment.
GBP/USD
Resistance: 1.3539 / 1.3562 | Support: 1.3430 / 1.3407
Sterling also rebounded, but geopolitical risks and tariff escalations limited its upside potential.
USD/JPY
Resistance: 155.54 / 156.36 | Support: 154.23 / 153.57
The yen gained some strength, but high U.S. interest rates kept aggressive downside positioning at bay.
Crude Oil Futures
Resistance: 67.35 / 67.80 | Support: 65.23 / 64.77
WTI crude oil prices fluctuated around $66, with market expectations influenced by tariff developments.
Spot Gold
Resistance: 5,260 / 5,310 | Support: 5,143 / 5,092
Gold prices rallied amid tariff uncertainties, with bullish sentiment supported by persistent inflation concerns.
Dow Futures
Resistance: 49,470 / 49,716 | Support: 48,428 / 48,186
The Dow faced a significant drop, with defensive positioning becoming more prevalent.
NASDAQ 100
Resistance: 25,044 / 25,224 | Support: 24,464 / 24,280
Uncertainty surrounding AI earnings weighed on major tech stocks, contributing to market volatility.
Bitcoin
Resistance: 66,065 / 67,510 | Support: 63,175 / 61,754
Bitcoin prices slipped below $65,000 as market sentiment turned cautious amid tariff uncertainties.
Conclusion
The market remains sensitive to economic data releases and geopolitical developments, particularly regarding tariffs and U.S.–Iran relations. Investors are advised to stay informed as these factors continue to shape market dynamics.