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Positive Market Sentiments Pushes Up the Gold & Equities

By Research Team Wednesday, Nov 9, 2022
EUR/USD

    • 10.52amW1
    • High1.00882
    • Low1.0059
    • Close1.0066

EUR/USD is trading at 1.00769, 0.03% up since previous day close. The EURO strengthened against the steady USD ahead of the result of U.S Congressional Elections & CPI data release event on Thursday. The Euro-zone Sentix Investor Confidence fell by 30.9 from 38.3 in the previous month while the Retail Sales grew by 0.4% same as expectation. These slightly cushioned the pair EUR/USD. Last week, the U.S FOMC hiked interest rate by 75bps as expected & may remain hawkish in future meets which made USD stronger & other currencies to trade in a tight range. The result of EU Economic data will remain in focus on Friday. As seen in the chart, the pair moved up from major support level & is hovering near Fibo level 23.6. Strong breakout can be seen if breached the same.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.02988
R2 1.01741
R1 1.01272
Turnaround 1.00494
S1 1.00025
S2 0.99248
S3 0.98000
By Research Team Wednesday, Nov 9, 2022
GOLD

    • 11.32amW1
    • High1712.53
    • Low1706.89000
    • Close1707.08

Gold is trading at $1708.63, 0.11% up since previous close.  A sharp spike can be seen in Gold; crossing the benchmark level of $1700 on Tuesday as mixed sentiments emerges over result of U.S Congressional Elections which are to be out today. Also, the negative effect of upcoming CPI data has already been factored in which dragged down the USD & boosted the global commodities. The better than expected result of China inflation data further pushed up the Gold prices since China is a  major consumer of metals. As seen in the chart, the Gold tested the cluster support of multiple previous lows & reversed upside with heavy trading volume. This indicates the chances of buying momentum on daily basis in Gold.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 1802.24000
R2 1749.98000
R1 1730.79000
Turnaround 1697.72000
S1 1678.53000
S2 1645.56000
S3 1593.20000
By Research Team Wednesday, Nov 9, 2022
CHNIND

    • 11.08amW1
    • High5678
    • Low5515
    • Close5528

CHNIND is trading at 5535.8, 0.03% up since previous close. The range bound session can be seen in major indices as traders & investors remain cautious ahead of the result of U.S Congressional Elections today. In China, the CPI increased by just 2.1% lower than expectation which shows the progress in curtailing the inflationary pressure in an economy. This widely cushioned the index CHNIND. Besides this, the chances of easing down Covid-19 restrictions & strong U.S NFP data led the Chinese stocks to trade higher. Last week, the indices slid down post FOMC meeting wherein an interest rate was hiked by 75bps as expected leading to 4.00% from 3.25% & showed more hawkish steps in future course of time. Buying on dips may be seen for the day.

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Daily Outlook

CHNIND

Intra Day
Near Day

Technical Levels

R3 5876.00000
R2 5747.00000
R1 5684.00000
Turnaround 5618.00000
S1 5555.00000
S2 5489.00000
S3 5360.00000
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