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Positive UK GDP Data Lifts GBP/USD; US Stocks Close Higher, Gold Resilient Amid Fed's Hawkish Rhetoric.

By Research Team Friday, May 10, 2024
GBP/USD

    • 11.30amD1
    • High1.2527
    • Low1.02446
    • Close1.2524

GBP/USD is trading at 1.2521, 0.21% up since previous day close. GBP/USD posts modest gains near 1.2525 on Friday. The major pair bounces off the lows of 1.2445 after the Bank of England’s dovish hold. The attention on Friday will shift to the first reading of the UK Gross Domestic Product for Q1 and the US Michigan Consumer Sentiment report. So far on Wednesday, GBP/USD trades slightly on the defensive around the 1.2500 neighbourhood amidst rising investors’ prudence prior to the BoE’s Super Thursday. On daily chart this pair comes out from support zone after weak US Dollar. It may continue bullish momentum.

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.2574
R2 1.2564
R1 1.2531
Turnaround 1.255
S1 1.2442
S2 1.2391
S3 1.2331
By Research Team Friday, May 10, 2024
US30

    • 11.35amD1
    • High39450
    • Low38950
    • Close39422

US30 is trading at 39,480, 0.99% up since previous day close. US benchmark equity indexes closed higher Thursday, as traders assessed a report showing that weekly jobless claims jumped to the highest level since August. The Dow Jones Industrial Average rose 0.9% to 39,387.8. In economic news, the seasonally adjusted number of initial jobless claims in the US increased by 22,000 to 231,000 in the week ended May 4, the Department of Labor said. On daily basis chart DJI continued its bullish momentum. Next resistance level is at 39,880 and it may touch this level if current bullish momentum continues.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 39000
R2 39887
R1 39484
Turnaround 39500
S1 38953
S2 38674
S3 38570
By Research Team Friday, May 10, 2024
GOLD

    • 11.40amD1
    • High2347.3
    • Low2306.82
    • Close2346.8

XAU/USD is trading at 2350, 1.64%, up since previous day close. Gold prices rose past $2,350 per ounce on Friday, driven by traders’ expectations of a Federal Reserve interest rate cut following recent economic data. Thursday’s data revealed a higher-than-expected increase in Americans filing for unemployment benefits last week, indicating a gradual cooling of the labor market. Gold price edges higher for the second consecutive day on Friday. Weak employment data bolstered the speculation that the weakening economy would force the Fed to cut rates

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2418
R2 2388
R1 2348
Turnaround 2350
S1 2307
S2 2278
S3 2270
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