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Gold & Oil Rallies Amid Steady US Dollar Index

By Research Team Monday, May 23, 2022
AUD/USD

    • 11.15amW1
    • High0.71257
    • Low0.70585
    • Close0.71036

AUD/USD is trading at 0.70922, 0.23% up since previous day close. The Aussie moved up on Monday against the steady USD amid mixed global cues. In Australia, the number of employed people grew by just 4.0K lower than prior figure 17.9K which softened the pair AUD/USD last week. On global front, the rising inflationary concern, volatile Oil prices & ongoing conflict between Ukraine & Russia limits the gains in antipodean currencies like Aussie & Kiwi. The result of PMI figures will remain in focus on Tuesday. As seen in the chart, the pair AUD/USD retraced down till previous lows & almost, formed the triple bottoms which act as a major support level. Slight buying bias may be initiated for the day in AUD/USD until the pair breaks down.

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Daily Outlook

AUD/USD

Intra Day
Near Day

Technical Levels

R3 0.71130
R2 0.70851
R1 0.70732
Turnaround 0.70572
S1 0.70452
S2 0.70293
S3 0.70014
By Research Team Monday, May 23, 2022
GOLD

    • 11.55amW1
    • High1858.17
    • Low1845.82
    • Close1853.7

Gold is trading at $1854.05, 0.26% up since previous day close. An upward momentum can be seen in Gold prices against the steady USD amid recovery in market sentiments after Chinese PBoC cut down its key Loan Prime Rate by 15bps. This may encourage manufacturing & industrial activities, reviving the demand of commodities. Earlier, the stronger USD & rising bond yields led riskier assets like Gold & Silver to trade on lower side. The FOMC’s aggressive rate hike stance in order to control the inflationary pressure drifted down the precious metals. As seen in the chart, the Gold is trading near lower trend-line of channel pattern which acts as a major support level. Buying may be further recommended for the day.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 1876.41000
R2 1859.37000
R1 1852.30000
Turnaround 1842.33000
S1 1835.26000
S2 1825.29000
S3 1808.25000
By Research Team Monday, May 23, 2022
US30

    • 11.32amW1
    • High31560
    • Low31336
    • Close31522

US30 is trading at 31417, 0.02% up since previous day close. The U.S markets seems to be trading flat to higher side after sentiments shows optimism over FOMC likely chances of interest rate hike. Last week, the Chinese PBoC cut down its key lending rate by 15 bps in order to boost economic conditions. Last week, the worsening situation between Russia & Ukraine & growing inflationary concern pressurized the equity markets. The U.S is to publish its PMI data on Tuesday which will remain significant for US30. As seen in the chart, the index contracted down to Fibo level 50.0 which indicates the chances of further breakdown if breached. Otherwise, a reversal can be seen if sustained the current levels on short to medium term basis.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 33035.00000
R2 32075.00000
R1 31641.00000
Turnaround 31115.00000
S1 30681.00000
S2 30155.00000
S3 29195.00000
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