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Indices Seems to be Trading Mixed, EURO & Pound Depreciates Widely & Oil Prices Retreated Down

By Research Team Friday, Nov 12, 2021
GBP/USD

    • 10.25am ISTW1
    • High1.33717
    • Low1.33531
    • Close1.33632

GBP/USD is trading at 1.33604, 0.21% down since previous day close. The Sterling Pound seems to be trading downside against the strong USD as inflation fears rises post U.S data release on Wednesday. The tapering down of U.S stimulus package & uncertain interest rate hike decision cushioned the USD at one-year highs. The U.K Prelim GDP grew by 1.3% lower than previous figure 5.5% which shows a slowdown in manufacturing & industrial activities in an economy. This further depreciated the Pound. As seen in the chart, the pair corrected down till Fibo level 61.8 & also, the RSI line is floating near lower level 30. This indicates the chances of breakdown if breaches the level & a reversal if sustained the level.

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.35344
R2 1.34599
R1 1.34123
Turnaround 1.33854
S1 1.33378
S2 1.33109
S3 1.32364
By Research Team Friday, Nov 12, 2021
SILVER

    • 11.05am ISTD1
    • High25.28
    • Low25.066
    • Close25.21

Silver is trading at $25.124, 0.07% up since previous day close. The precious metals gained momentum since last few sessions despite strong USD on account of global cues. The recovery at global level from Covid-19 phase & resuming manufacturing & industrial activities at full capacity remains widely supportive for commodities. The latest Fed meeting showed a dovish stance towards interest rate hike in the near future & hence, boosted the Gold & Silver prices. Also, the better than expected Chinese inflation data further lifts up Silver prices; since China is a top consumer of metals. Buying on corrective dips may be recommended in Silver since the commodity almost crossed neckline of Head & Shoulder pattern.

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Daily Outlook

SILVER

Intra Day
Near Day

Technical Levels

R3 26.38300
R2 25.70600
R1 25.47300
Turnaround 25.02900
S1 24.79600
S2 24.35200
S3 23.67500
By Research Team Friday, Nov 12, 2021
INDIA50

    • 10.42am ISTD1
    • High18013
    • Low17919
    • Close17953

INDIA50 is trading at 17955, 0.06% down since previous day close. The slight profit booking can be seen in SGX Nifty after rallying to higher levels last week. The rising U.S inflation concern amid mounting commodities prices remained slightly suppressive for Asian shares. On global front, the U.S tapering down decision & uncertain interest rate result remains crucial for SGX Nifty. However, the progressive Covid-19 situation & offering of multiple schemes by Government may remain bullish for INDI50 on long run. As seen in the chart, the index retraced down till Fibo level 23.6 which indicates the chances of strong breakdown if breached & may lead to the next level of 38.2. Other way round, if sustained & defended the level, then a reversal may be expected.

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Daily Outlook

INDIA50

Intra Day
Near Day

Technical Levels

R3 18282.00000
R2 18096.00000
R1 18020.00000
Turnaround 17910.00000
S1 17834.00000
S2 17724.00000
S3 17538.00000
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