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Steady Indices & Range Bound Gold Prices Amid Mixed U.S Rate Cut Stance

By Research Team Monday, Jan 15, 2024
AUD/USD

    • 1.46pmW1
    • High0.67015
    • Low0.66639
    • Close0.66647

AUD/USD is trading at 0.66711, 0.09% down since previous day close. The steady US Dollar Index amid mixed view over Fed monetary decision led the selling pressure in other major currencies. In Australia, the ANZ Job Advertisements grew by 0.1% from -5.1% in the previous month while the Goods Trade Balance rose to 11.44B from 7.66B previously. The Australia’s CPI rate grew by 4.3% lower than previous figure of 4.9%. The result of Westpac Consumer Sentiment data will remain in focus on Tuesday. As seen in the chart, the pair AUD/USD tested previous highs & MA (100) which indicates an either side breakout. Slight selling bias may be established for the day in AUD/USD.

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Daily Outlook

AUD/USD

Intra Day
Near Day

Technical Levels

R3 0.67987
R2 0.67481
R1 0.67170
Turnaround 0.66975
S1 0.66664
S2 0.66469
S3 0.65963
By Research Team Monday, Jan 15, 2024
GOLD

    • 2.30pmD1
    • High72.54
    • Low72.18
    • Close72.53

Gold is trading at $2058  .44, 0.07% up since previous close. The Gold prices inches up against the steady USD as weak U.S CPI data lower down the chances of rate-cut in the March fed meeting. Also, the positive U.S Non-farm Payroll data made the USD stronger & reduces the chances of rate-cut stance. The mixed Chinese economic outlook will remain significant for gold prices; for China is a top consumer of metals. The range bound trading can be seen in gold prices as U.S markets hold a national holiday today. As seen in chart, the gold is still hovering near major resistance level & hence, a breakout is expected if breaches the level. Wait & watch strategy may be adopted.

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Daily Outlook

Gold

Intra Day
Near Day

Technical Levels

R3 36282.00000
R2 35914.00000
R1 35739.00000
Turnaround 35546.00000
S1 35371.00000
S2 35178.00000
S3 34810.00000
By Research Team Monday, Jan 15, 2024
JAP225

    • 2.08pmW1
    • High36202
    • Low35541
    • Close35945

JAP225 is trading at 35972.3, 0.21% up since previous close. A sharp rally can be seen in JAP225 after BoJ continues to adopt ultra-dovish monetary policy; making the YEN weaker to some extent. Globally, uncertain U.S Fed future monetary outlook led the selling pressure in world indices. On data front, the Money Stock grew by 2.3% same as previous figure & the Prelim Machine Tool Orders fell by 9.9% against the previous figure of -13.6%. These further pushed up the index JAP225. The result of PPI data will remain in focus on Tuesday. As seen in the chart, the index JAP225 firmly crosses over the short-term Moving Averages of period 10 & 20 & ADX line is on the verge of crossing over level 25 which might indicates a strong buying bias on daily basis.

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Daily Outlook

JAP225

Intra Day
Near Day

Technical Levels

R3 36282.00000
R2 35914.00000
R1 35739.00000
Turnaround 35546.00000
S1 35371.00000
S2 35178.00000
S3 34810.00000
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