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The Dow Jones Industrial Average (DJIA) found a bit of room on the high side on Friday, adding a little over 100 points to close out a back-and-forth week. United States (US) President Donald Trump’s long-awaited tariffs have come into effect, and markets are either bracing for fallout or hoping for another delay, in equal parts.

Despite recently tapping record highs near 45,130, the Dow Jones is struggling to maintain firm bullish momentum, with price action trapped near the 44,000 handle. The Dow is still finding a technical floor near the 50-day Exponential Moving Average (EMA), currently drifting above 43,700, but the next leg could land in either direction with the Relative Strength Index (RSI) stuck in the middle near 50.00.

Tariffs on... again?

With the Trump tariffs now in play, investors will be watching to see how the US’s newfound trade policy stance will play out. President Trump has threatened a tariff of 100% on all imported semiconductor microchips but added the caveat that chip tariffs will be waived for any company that “builds in the US”. For their part, tech companies have promised huge swaths of investment cash in the future for US-based manufacturing, spearheaded by Apple (AAPL), which has pinky-promised to invest up to $600B in US business development at some point in the next five years or so. Apple shares rose 4.5% on Friday, testing $230.00 per share.

There’s a chance that Trump’s tariffs could hit fast and early in the Gold market in particular. XAU/USD prices, which were already climbing ahead of Donald Trump’s tariff deadline, rose above $3,400 per ounce on Thursday after the Financial Times reported that some of the Trump tariffs could impose a levy on imported Gold bars, and could reach back and include pre-tariff sales that occurred between April and August.

Dow Jones 5-minute chart

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Dow Jones daily chart

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