Summary of Article: Tariff Concerns Lift EURUSD Above 1.18, Gold Above 5,100
Author: Razan Hilal, CMT
Date: February 23, 2026
Overview
The article discusses the impact of proposed tariffs by former President Trump on the foreign exchange market, particularly the EURUSD pair and gold prices. Following the Supreme Court's rejection of a previous 10% blanket tariff, Trump has proposed a new 15% tariff, which is expected to be tested soon. This development has led to a pullback in the US dollar (DXY) and a rise in both the EURUSD and gold prices.
Key Developments
- The DXY index has fallen below the 98 mark due to renewed tariff concerns.
- EURUSD has risen above 1.18 but remains below the 1.1950 resistance level.
- Gold prices have surpassed 5,100, facing resistance at 5,300 and 5,600.
DXY Analysis
The DXY's recent pullback from the 98 resistance level has raised bearish concerns. The price is currently holding above a significant ascending trendline from 2008 to 2026. A monthly close below 97 or 96 could indicate a structural shift in the market. Until then, consolidation below 100 is expected.
EURUSD Outlook
EURUSD is currently trading above 1.18 but is capped by resistance at 1.1950. A daily or weekly close above this level is necessary to maintain a bullish outlook towards 1.20 and potentially higher levels near 1.23 and 1.25. Conversely, a drop below 1.1760 could lead to deeper declines towards 1.1680 and 1.1580, with 1.1580 being a critical support level.
Gold Outlook
Gold is holding above the 5,100 mark, maintaining a bullish bias. A sustained hold above 5,200 could push prices towards 5,300, which is a key resistance level. If gold fails to hold above 4,400, it may face a significant drop of 1,000 points.
Conclusion
The article highlights the ongoing volatility in the forex and commodities markets driven by tariff concerns. The technical analysis of DXY, EURUSD, and gold suggests that while there are bullish scenarios, significant risks remain that could lead to downward movements if key support levels are breached.