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Euro Remains Stagnant, While European Stocks Flourish and Gold Loses Shine.

By Research Team Tuesday, May 7, 2024
EUR/USD

    • 11.30amD1
    • High1.0777
    • Low1.0755
    • Close1.0758

EUR/USD is trading at 1.0765, 0.06% up since previous day close. On Monday, European Central Bank (ECB) Chief Economist Philip R. Lane stated that recent Eurozone data have increased his confidence in inflation returning to the 2% goal, consequently raising the likelihood of a first interest-rate cut in June. Purchasing Managers Index (PMI) data released on Monday. Later on Tuesday, Retail Sales data are set to be released during the upcoming European market session. On Monday trading session touched resistance level 1.0790 further movement will be bullish.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.0812
R2 1.079
R1 1.077
Turnaround 1.0705
S1 1.0753
S2 1.0726
S3 1.0704
By Research Team Tuesday, May 7, 2024
GER30

    • 11.35amD1
    • High18275
    • Low18069
    • Close18373

GER30 is trading at 18,256, 1.06% up since previous day close. European stock markets climbed higher on Tuesday, continuing the generally positive global tone as investors digest a deluge of corporate earnings. At 03:20 ET (07:20 GMT), the DAX index in Germany traded 1.06% higher, the CAC 40 in France traded 0.6% higher, while the FTSE 100 in the U.K. climbed 1.1%, returning from Monday’s holiday. DAX30 recovered from their support zone three day ago after big German giant post their profit as expected by investor.

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 39337
R2 39070
R1 38830
Turnaround 38500
S1 38460
S2 38230
S3 38000
By Research Team Tuesday, May 7, 2024
GOLD

    • 11.40amD1
    • High2332.02
    • Low2291.9
    • Close2323.99

XAU/USD is trading at 2322.87, 0.96% up since previous day close. Gold prices rose in Asian trade on Monday, capitalizing on a recent drop in the dollar as softer-than-expected U.S. payrolls data saw traders increase bets on eventual interest rate cuts by the Federal Reserve. But gains in gold were held back by improved risk appetite in the wake of Friday’s nonfarm payrolls data, as investors pivoted into more risk-exposed assets such as stocks. Spot gold rose 0.4% to $2,310.05 an ounce, while gold futures expiring in June rose 0.4% to $2,318.70 an ounce. On daily chart, on Monday it closed with 0.96% gain. Some buying opportunity might be generated from its support area.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2387.47
R2 2355.86
R1 2332
Turnaround 2310
S1 2291
S2 2277
S3 2265
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