fbpx

Register for MT4 Demo Account

Register for xStation Account

Soft Chinese PMI Figures Weigh Down the Indices Slightly, Gold Prices Steadies Sideways While Oil Prices Surges Up

By Research Team Thursday, Nov 30, 2023
AUD/USD

    • 9.25amd1
    • High0.66397
    • Low0.66157
    • Close0.66353

AUD/USD is trading at 0.66342, 0.06% up since previous day close. The Aussie turned out to be trading on higher side on Thursday against the mixed USD ahead of the U.S PCE Price Index data due today. On contrary. The weaker Chinese PMI figures slightly subdued the AUD/USD since China & Australia are the trading partners. On data front, the Australia’s Building Approvals grew by 7.5% from -4.0% in the previous month while the Private Capital Expenditure grew by 0.6% lower than expectation 1.0%. The result of Commodity Prices data will remain in focus on Friday. As seen in the chart, the pair tested an upper trend-line of channel pattern & is consistently trading above trading above the Moving Averages which indicates a buying bias on daily basis.

Read More… Read Less

Daily Outlook

AUD/USD

Intra Day
Near Day

Technical Levels

R3 0.67737
R2 0.67033
R1 0.66602
Turnaround 0.66329
S1 0.65898
S2 0.65625
S3 0.64924
By Research Team Thursday, Nov 30, 2023
CHNIND

    • 9.42amd1
    • High5876
    • Low5805
    • Close5863

CHNIND is trading at        5854, 0.02% up since previous day close. The sideways trading can be seen in Chinese shares post release of PMI figures. The Manufacturing PMI fell to 49.4 from 49.5 in the previous month & the Non-Manufacturing PMI dropped to 50.2 from 50.6 previously. Last week, the indices turned positive after Chinese PBoC left Prime Loan Rate steady & announced cash injection into the financial system in order to boost the economic conditions. On global front, chances of less hawkish future Fed’s monetary outlook & ongoing Israel-Hamas geopolitical conflict remains vital for equity markets. As seen in the chart, an index seems to be sustaining the lower level of channel pattern & hence, the cautious trading may be recommended for the day.

Read More… Read Less

Daily Outlook

CHNIND

Intra Day
Near Day

Technical Levels

R3 6242.00000
R2 6061.00000
R1 5955.00000
Turnaround 5880.00000
S1 5774.00000
S2 5699.00000
S3 5518.00000
By Research Team Thursday, Nov 30, 2023
GOLD

    • 10.05amm1
    • High2047.63
    • Low2042.39
    • Close2044.4

Gold is trading at $2044  .44, 0.07% up since previous close. The gold prices slightly ease down post release of poor Chinese PMI figures which may affect the consumption demand of gold since China is a major consumer of metals. Earlier, the prices moved on higher side against the soft USD after Fed Governor Waller hinted for rate cut in the year 2024; which turned out to be supportive for U.S bonds as well. Ongoing tension between Israel & Hamas remains vital for precious metals. As seen in the chart, the gold is hovering near higher levels which acts as resistance level; signaling for a strong breakout if breached. Buying bias may be established further.

Read More… Read Less

Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2077.25000
R2 2060.59000
R1 2052.52000
Turnaround 2043.93000
S1 2035.86000
S2 2027.27000
S3 2010.60000
footer-logo

XFlow Markets provides an entirely transparent access to the FOREX Market through two powerful trading platforms with excellent execution speed, a 24/5 client support system with no dealing desk involvement.

 

© 2024 XFlow Markets, All rights reserved.

Risk Warning: Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances.

You may lose more than you invest. Information on this website is general in nature. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. Trading through an online platform carries additional risks.

 

XFlow Markets INC is incorporated in Saint Lucia with registration no. 2023/C088 governed by the Companies Act, Cap 13.01 of the revised laws of Saint Lucia.

XFlow Markets does not offer Contracts for Difference to residents of certain jurisdictions including the Belgium, Iran, Canada, North Korea, the USA, Cuba, Syria and FATF Black Listed Countries.

Telephone number: UAE: +971 43304431 Working hours: 7:00 AM - 5:00 PM (GMT+0)

XFlow Markets does not offer any fixed returns & guaranteed profits. Forex and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Your capital is at risk. Please consider our Risk Disclosure.

XFlow Markets does not guarantee any returns or profits. Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.