Week Ahead: 3 Feb 2025 DeepSeek Impact: DeepSeek disrupted the AI scene with Nvidia Corp (NVDA), market leader in the current AI rally, breaking its key technical levels. We remain cautious on Nvidia moving forward and have outlined both bullish and bearish scenarios for the stock. US Tariff Impact: US tariffs have begun, leading to a stronger dollar—a development the markets dislike. As a result, ETFs tracking both developed and emerging markets fell between 0.50% and 1.12%. Precious Metals: Among the headlines, precious metals such as gold emerged as winners for the week, gaining around +1.00% and trading at an all-time high, near US$2,800/oz. Medium Term: S&P 500 (SPX): The S&P 500 is holding steady, consolidating this week as it encounters resistance again around 6,100. Our outlook remains neutral for now. The key level to watch is the 5,780-5,832 support zone. As long as the index stays above this, further consolidation and a potential move upwards are p...