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Range Bound Indices While Oil Prices Turns Lower Amid Mixed Global Cues

By Research Team Tuesday, Nov 28, 2023
EUR/USD

    • 1.13pmw1
    • High1.09627
    • Low1.09344
    • Close1.09489

EUR/USD is trading at 1.09409, 0.07% up since previous day close. The EURO continued to move up ahead of the ECB Chair Lagarde speech due to be issued today. Also, the steady USD amid mixed sentiments over upcoming Chinese & U.S key economic data releases cushioned other basket of currencies. Last week, the Euro-zone posted its PMI figures wherein the Flash Manufacturing PMI rose to 43.8 from 43.1 in the previous month & the Flash Services PMI grew to 48.2 against the expectation 48.0. As seen in the chart, the pair is firmly trading above the Moving Averages & is heading towards MA (200). Further buying bias may be established in EUR/USD on an intraday basis.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 35665.00000
R2 35526.00000
R1 35461.00000
Turnaround 35387.00000
S1 35322.00000
S2 35248.00000
S3 35109.00000
By Research Team Tuesday, Nov 28, 2023
US30

    • 1.32pmw1
    • High35403
    • Low35342
    • Close35353

US30 is trading at 35360.3, 0.09% up since previous close. The range bound trading can be seen in US30 as traders wait for the result of key economic data releases in U.S & China due in this week. The traders & investors expect an interest rate cut in Fed’s forthcoming meetings which boosted up the U.S markets. The Chinese PBoC steps of leaving Prime Loan Rate steady & injecting the stimulus aid into financial system made the global equity markets to trade on higher side. In U.S, the New Home Sales dropped to 679K from 719K in the previous month while the focus will be on Consumer Confidence data due today. As seen in the chart, the index is trading in a bullish channel pattern & hence, buying on lower side may be seen for the day.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 35665.00000
R2 35526.00000
R1 35461.00000
Turnaround 35387.00000
S1 35322.00000
S2 35248.00000
S3 35109.00000
By Research Team Tuesday, Nov 28, 2023
GOLD

    • 1.55pmm1
    • High2018.04
    • Low2012
    • Close2013.15

Gold is trading at $2012  .44, 0.04% up since previous close. The flat to higher side trading can be seen in gold prices since last two sessions on an account of mixed USD inches up as traders remain optimistic over less hawkish Fed future monetary stance. The Chinese move of injecting stimulus aid into financial system & leaving the Prime Loan Rate steady may increase the consumption demand of gold & hence, pushed up the price since China is a top consumer of metals. Ongoing tension between Israel & Hamas remains vital for precious metals. As seen in the chart, the gold is hovering near higher levels which acts as resistance level; signaling for a make-or-break situation on short term basis.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2044.68000
R2 2028.22000
R1 2021.74000
Turnaround 2011.74000
S1 2005.25000
S2 1995.95000
S3 1978.84000
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