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GBP/USD Falls on UK Concerns; Gold Dips on CPI; US Stocks Gain Modestly

By Research Team Thursday, May 16, 2024
GBP/USD

    • 11.30amD1
    • High1.2686
    • Low1.2583
    • Close1.2686

GBP/USD is trading at 1.2677, 0.75% up since previous day close. Wednesday’s impressive upsurge, GBP/USD continued to stretch higher and touches its strongest level since April 10 at 1.2700 during the Asian trading hours on Thursday. Although the pair retreats slightly in the European session, buyers could remain interested in case the US data disappoint. The US Bureau of Labor Statistics (BLS) reported on Wednesday that the Consumer Price Index (CPI) rose 3.4% on a yearly basis in April. The annual core CPI increased 3.6% in the same period rate cut due to US dollar weakness this pair continue bullish momentum.

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.2806
R2 1.2106
R1 1.26677
Turnaround 1.258
S1 1.2576
S2 1.254
S3 1.2501
By Research Team Thursday, May 16, 2024
US30

    • 11.35amD1
    • High39943
    • Low39533
    • Close39870

US30 is trading at 39,990 0.80% up since previous day close. The Dow Jones Industrial Average (DJIA) clipped into a fresh all-time high on Wednesday, gaining almost nine-tenths of a percent during the US market session after US Consumer Price Index (CPI) inflation slipped further back. Broad-market hopes for Federal Reserve (Fed) rate cuts in the third quarter of 2024 reignited as inflation continues to cool and economic activity recedes. On daily chart analysis, US30’s next resistance will be 40,300 and currently it is trading near 40,000.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 40320
R2 40200
R1 39900
Turnaround 39900
S1 39625
S2 39292
S3 39100
By Research Team Thursday, May 16, 2024
GOLD

    • 11.40amD1
    • High2390.34
    • Low2351.9
    • Close2386.07

XAU/USD is trading at 2390, 1.18%, up since previous day close. Gold prices inched up on Wednesday following a sharp rise in the previous session as the dollar and bond yields weakened after the U.S. Consumer inflation data boosted the likelihood of rate cuts by the Federal Reserve as early as September. Spot gold rose 1.18% at $2,391.78 per ounce after hitting its highest level in over three weeks on Wednesday. On daily chart basis this pair touched three week high. Its resistance level is 2392.82 and if it break this level it  may head to all time high it made during middle east tension.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2440
R2 2418
R1 2392
Turnaround 2387
S1 2353.39
S2 2331
S3 2323
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