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Non-Concluding U.S Debt Ceiling Talks Dragged Down Gold Prices & Cushioned USD

By Research Team Tuesday, May 23, 2023
GBP/USD

    • 9.22amd1
    • High1.24465
    • Low1.24257
    • Close1.24345

GBP/USD is trading at 1.24302, 0.02% down since previous day close. The strong USD as debt ceiling negotiations between U.S President Biden & House speaker McCarthy leads to no deal on Monday made the other currencies weaker. The U. K’s Rightmove HPI grew by 1.8% from 0.2% in the previous month & the GFK Consumer Confidence fell by 27 from 30 in the previous month. The traders will be looking forward to the result of PMI figures which will be out today. Earlier, the pair weakened on account of chances of higher interest rate hike amid higher U.S inflation rate & strong employment figures. As seen in the chart, the pair crossed down the short-term MA (10) & MA (20) & may test the Fibo level 38.2 if downside prevails further for the day.

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.25685
R2 1.25050
R1 1.24693
Turnaround 1.24415
S1 1.24058
S2 1.23780
S3 1.23145
By Research Team Tuesday, May 23, 2023
FRA40

    • 10.02amd1
    • High72.6
    • Low72.16
    • Close72.29

FRA40 is trading at 7449.3, 0.09% up since previous close. The tight range can be seen in FRA40 since last few sessions amid mixed outlook towards U.S debt ceiling issue as U.S President Biden & House Speaker McCarthy ended up the talks with no deal on Monday. The fear of chances of aggressive interest rate hikes in near future amid higher inflation rate & higher employment rate remain significant for world indices. The trend in FRA40 is widely dependent on the outcome of Manufacturing & Services PMI figures which are to be issued today. As seen in the chart, the index is consistently taking a support of short-term Moving Averages & is hovering near Fibo level 61.8. Wait & watch strategy may be built up for the day in FRA40.

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Daily Outlook

FRA40

Intra Day
Near Day

Technical Levels

R3 7544.00000
R2 7455.00000
R1 7423.00000
Turnaround 7366.00000
S1 7334.00000
S2 7277.00000
S3 7188.00000
By Research Team Tuesday, May 23, 2023
OIL

    • 10.02amd1
    • High72.6
    • Low72.16
    • Close72.29

WTI Oil is trading at $72.28, 0.02% up since previous day close. The mixed trading can be seen in Oil prices on Tuesday amid global cues as U.S debt ceiling negotiations failed to show any concluding result on Monday.  Earlier, the prices retreated on rising fear of slowing consumption demand & higher supplies across the globe. On Friday, the Baker Hughes showed a fall in Oil rig counts by 11 leading to 575 from 586 in the previous week. The weaker Chinese economic figures may turn out to be negative for Oil prices since China is a major consumer of Oil. As seen in the chart, the Oil is trading near MA (20) which acts as major resistance level & hence, the cautious trading may be recommended further.

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Daily Outlook

WTI Oil

Intra Day
Near Day

Technical Levels

R3 75.50000
R2 73.70000
R1 73.01000
Turnaround 71.83000
S1 71.14000
S2 69.96000
S3 68.09000
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