1.19 Tariff war reignites 1. Trump and the EU have started a new round of tariff wars. Early trading saw risk assets, stock indices, and the crypto market plunge, while safe-haven assets like gold and silver surged. 2. The sharp drop triggered by the news caused over 100 million long positions to liquidate in a short time, and prices fell to the EMA20 level, making it easy to form a short-term rebound to the 94,500 range. 3. The challenge lies in whether 98,000 will be the peak of this rebound or if it will go up further to test the 100,000 range. Still needs observation.