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EUR/USD Eyes Upside, US Futures Surge on Rate Cut Optimism, Gold Climbs on Dovish Fed

By Research Team Thursday, Mar 21, 2024
EUR/USD

    • 12:35D1
    • High1.09419
    • Low1.09250
    • Close1.09280

EUR/USD is trading at 1.09346, 0.13% up since previous day close. EUR/USD gains for the second consecutive session due to dovish remarks from the Federal Reserve, with Fed Chair Powell highlighting persistent price growth as a significant concern. European Central Bank President Christine Lagarde and Vice-President Luis de Guindos caution against premature action due to persistently high service inflation. As seen in the chart, the pair has started a reversal with strong bullish candle, hence upside moment is expected.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.0941
R2 1.0938
R1 1.0936
Turnaround 1.0934
S1 1.0931
S2 1.0928
S3 1.0926
By Research Team Thursday, Mar 21, 2024
US 100

    • 12:50D1
    • High18666.07
    • Low18627
    • Close18659.32

US100 is trading at 18634, 0.79% up since previous day close. Stock index futures on Wall Street rose after the Federal Reserve kept rates steady and forecasted at least three rate cuts this year. Nasdaq 100 Futures rose 0.6% to 18,582.25 points, while Dow Jones Futures rose 0.2% to 40,019.0 points. Markets were boosted by the prospect of lower interest rates and a resilient US economy, with investors favouring technology stocks like NVIDIA and Micron Technology. As seen in the chart, the index has a breakout resistance, more upside is expected.

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Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 18631
R2 18624
R1 18616
Turnaround 18606
S1 18600
S2 18590
S3 18585
By Research Team Thursday, Mar 21, 2024
GOLD

    • 1:20H4
    • High2206.5
    • Low2196.71
    • Close2201

XAU/USD is trading at 2207.4, 0.93% up since previous day close. Gold price (XAU/USD) has regained momentum for the second consecutive day and reached a record high. The Federal Reserve’s projected three rate cuts this year have weighed on the US Dollar, benefiting the gold metal. However, elevated US Treasury bond yields limit the downside. The risk-on environment caps the upside for the gold price amid slightly overbought conditions. The path of least resistance for the XAU/USD remains to the upside, but traders are looking to flash PMIs for cues about global economic health. Technical analysis suggests gold needs to consolidate before the next leg up.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2150
R2 2158
R1 2165
Turnaround 2195
S1 2210
S2 2214
S3 2218
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