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Dow Tops 40,000 Milestone as GBP/USD Steadies Near 1.2700 and Gold Consolidates at Record Highs

By Research Team Monday, May 20, 2024
GBP/USD

    • 11.30amD1
    • High1.2711
    • Low1.2644
    • Close1.2701

GBP/USD is trading at 1.2698, 0.24% with change since previous day close. GBP/USD extends its gains for the second consecutive session, trading around 1.2710 during the Asian hours on Monday. A weaker US Dollar supports the pair. The Pound Sterling may face a challenge as the BoE is expected to deliver 60 basis points rate cuts in 2024. The 100-day Simple Moving Average (SMA) aligns as key support for GBP/USD at 1.2630. If the pair tests this level and confirms it as support, technical buyers could take action. In this scenario, resistances could be seen at 1.2700, 1.2760

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.2711
R2 1.2747
R1 1.2799
Turnaround 1.27
S1 1.269
S2 1.2666
S3 1.2642
By Research Team Monday, May 20, 2024
US30

    • 11.35amD1
    • High40013
    • Low39820
    • Close39986

US30 is trading at 40,000 0.34% up since previous day close. The Dow Jones industrial average closed above the 40,000 mark for the first time on Friday, with other major indexes also scoring weekly gains, as data supported expectations for interest rate cuts by the Federal Reserve this year. The Dow (.DJI), opens new tab rose to end the fifth week of advances in a row. Strong corporate results and inflation and other economic data have bolstered investor hopes for Fed rate cuts this year.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 40400
R2 40360
R1 40100
Turnaround 40000
S1 39850
S2 39580
S3 39400
By Research Team Monday, May 20, 2024
GOLD

    • 11.40amD1
    • High2422.78
    • Low2374
    • Close2415

XAU/USD is trading at 2440, 1.62%, up since previous day close. Gold futures rise 1.6% to $2,443.6 a troy ounce, just shy of its record of $2,448.8 set on April 12 as softer U.S. data over the last week raised expectations of interest rate cuts. Softer U.S. Consumer Price Index data last Wednesday brought some relief to the precious metal, after three consecutive months of upside inflation surprises dented hopes for U.S. Federal Reserve interest-rate cuts. Gold prices are typically inversely related to interest rates; higher rates for longer diminish the appeal of noninterest bearing bullion. Markets are now pricing in around an 85% chance of a Fed interest rate cut by September

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2480
R2 2474
R1 2451
Turnaround 2445
S1 2419
S2 2393
S3 2385
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