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Gold Slips Below Recent Peaks, US Dollar Strengthens, DAX Index Eyes Earnings and Economic Data

By Research Team Wednesday, May 1, 2024
GBP/USD

    • 11.30amD1
    • High1.2564
    • Low1.249
    • Close1.2491

GBP/USD is trading at 1.2484, 0.56% down since previous day close. This pair registered its highest daily close in nearly three weeks on Monday above 1.2550 but failed to preserve its bullish momentum. The pair stays on the back foot early Tuesday, while managing to hold above 1.2500. The selling pressure surrounding the US Dollar (USD) at the beginning of the week helped GBP/USD stretch higher. Early Tuesday, the cautious market stance allows the USD to stay resilient against its rivals and makes it difficult for the pair to regain its traction. After Wall Street’s main indexes closed in positive territory on Monday, US stock index futures edge lower in the European session.

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.256
R2 1.2608
R1 1.2679
Turnaround 1.506
S1 1.2484
S2 1.2446
S3 1.24
By Research Team Wednesday, May 1, 2024
GER30

    • 11.35amD1
    • High18216
    • Low17960
    • Close17965

GER30 is trading at 17937, 1.26% down since previous day close. GER30 declined by 1.26% on Tuesday (April 30). On Monday DAX reversing a 0.24% from Friday rally the DAX ended the session at 17,965, Consumer prices increased by 2.2% year-on-year in April after rising by 2.2% year-on-year in March. Economists expected an annual inflation rate of 2.3%. on daily chart we see a sharp fall this may continue till FED meeting next support is 17,800

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 18550
R2 18460
R1 18280
Turnaround 17450
S1 17440
S2 17808
S3 17440
By Research Team Wednesday, May 1, 2024
GOLD

    • 11:40amD1
    • High2335.38
    • Low2285.32
    • Close2286.3

XAU/USD is trading at 2287.30, 2.12% down since previous day close. Gold prices fell in Asian trade on Tuesday, remaining pinned well below recent peaks as fears of higher-for-longer U.S. interest rates grew before a Federal Reserve meeting this week. Waning safe haven demand also weighed, especially as recent reports showed renewed ceasefire talks between Israel and Hamas. This left gold even more vulnerable to rate-driven risks. On daily basis chart after formed multiple doji. We seen 2.12% sharp fall currently this spot is trading month low.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2387
R2 2364
R1 2337.73
Turnaround 2302
S1 2285
S2 2264
S3 2250
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