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Range Bound Indices & Correcting Gold Prices Amid Thin Liquidity in Markets

By Research Team Friday, Dec 29, 2023
EUR/USD

    • 9.43am ISTW1
    • High1.10843
    • Low1.10638
    • Close1.1066

EUR/USD is trading at 1.10665, 0.21% up since previous day close. The EURO widely appreciated against the soft USD after U.S issued weaker than expected Jobless Claims & Goods Trade Balance data on Thursday. The rising chances of rate cut in near term as hinted by Fed Chair Powell in early December further led the buying pressure in EURO. The hawkish ECB monetary stance may remain supportive for EUR/USD in future course of time. Besides this, the decline in Oil prices & mixed Chinese economic outlook will remain vital for major currencies. As seen in the chart, the pair is trading near MA (200) which acts as major resistance level & hence, buying on dips may be recommended for the day.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.12563
R2 1.11719
R1 1.11190
Turnaround 1.10875
S1 1.10354
S2 1.10031
S3 1.09187
By Research Team Friday, Dec 29, 2023
WTI OIL

    • 10.25amD1
    • High72.14
    • Low71.64
    • Close72.05

WTI Oil is trading at $72.08, 0.21% down since previous day close. The Oil prices soars down despite bearish U.S EIA estimates which showed a drop-down in Oil inventory levels by 7.1 mbpd against the expected fall of 2.7 mbpd. The slowing demand from China on account of weak economic growth led the selling pressure in Oil prices since China is a top consumer of Oil. Ongoing tension between Middle-East after Yemen’s Iran-aligned Houthi group attacked the ships in Red Sea may remain vital for Oil prices. The thin trading volume amid New Year Eve may suppress the prices for the day. Selling on rallies may be recommended in WTI Oi since the commodity crossed down the MA (10) & MA (20).

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Daily Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 78.08000
R2 75.39000
R1 73.70000
Turnaround 72.70000
S1 71.01000
S2 70.01000
S3 67.32000
By Research Team Friday, Dec 29, 2023
UK100

    • 10.01amW1
    • High7759
    • Low7739
    • Close7752

UK100 is trading at 7752.3, 0.19% up since previous close. Like U.S & European markets, the UK100 surges up in early trade on Friday as global sentiments improved on U.S interest rate cut chances in the first quarter of year 2024. The weaker than expected U.S PCE Price Index data increased the chances of interest rate cut in the upcoming Fed meeting & hence, cushioned the global indices. The BoE left an interest rate steady at 5.25% as expected however hinted for a rate hike in near future if required & hence, pushed up the UK100. As seen in the chart, the index UK100 crossed over major resistance level with heavy trading volume & hence, buying bias may be recommended for the day on each & every corrective dip.

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Daily Outlook

UK100

Intra Day
Near Day

Technical Levels

R3 7864.00000
R2 7807.00000
R1 7774.00000
Turnaround 7750.00000
S1 7717.00000
S2 7693.00000
S3 7636.00000
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