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Market Remains Uncertain as Euro Steadies, DAX Rises, and Gold Waits on US PMI Figures.

By Research Team Monday, Jun 3, 2024
EUR/USD

    • 11.30amD1
    • High1.0882
    • Low1.0811
    • Close1.0849

EUR/USD is trading at 1.0853, 0.10% down since previous day close. EUR/USD is trading back and forth near 1.0850 in the European morning on Monday. Softer US monthly Core PCE inflation data and hotter-than-expected Eurozone HICP inflation data help the pair to stay afloat amid a better market mood. US ISM PMI holds the key. The US economic docket will feature the ISM Manufacturing PMI data for May later in the day. Investors expect the reading to improve to 49.8 from 49.2 in April. A reading above 50, which would show the business activity moving back into the expansion territory, could support the USD in the second half of the day.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.0861
R2 1.0857
R1 1.0855
Turnaround 1.0851
S1 1.0847
S2 1.0845
S3 1.0841
By Research Team Monday, Jun 3, 2024
GER30

GER30 is trading at 18460, 0.55% up since previous day close. The DAX was up 0.6% to the 18610 level on Monday, tracking a general positive mood in Europe, as traders welcomed a bigger-than-expected manufacturing PMI for China while bracing for the first ECB rate cut since 2016 this week. Meanwhile, the manufacturing PMI for Germany was confirmed at 4-month high, in a sign business conditions are stabilizing. On the corporate front, SAP (1.4%), Siemens (0.7%), Airbus (0.4%) and Deutsche Telekom (0.7%) were all higher.

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 18680.10
R2 18663.40
R1 18653.20
Turnaround 18636.50
S1 18619.80
S2 18609.60
S3 18592.90
By Research Team Monday, Jun 3, 2024
GOLD

    • 11.40amD1
    • High2359.00
    • Low2320.00
    • Close2327.00

XAU/USD is trading at 2319, 0.68%, down since previous day close. Gold price struggles to gain any meaningful traction in the European session on Monday amid a combination of diverging forces and languishes near a three-week low touched at $2,315. Gold traders look forward to the US ISM Manufacturing PMI data for fresh trading impetus From a technical perspective, some follow-through selling below the $2,320 level will confirm a breakdown through the 50-day Simple Moving Average (SMA) and pave the way for deeper losses. Given that oscillators on the daily chart have just started gaining negative traction, the Gold price might then weaken further below 2300.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2331.47
R2 2329.41
R1 2328.15
Turnaround 2326.09
S1 2313.00
S2 2306.00
S3 2294.00
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