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Gold Falls on Hawkish Fed Minutes; Dollar Up, Pound Stable; Equities Weighed Down.

By Research Team Thursday, May 23, 2024
GBP/USD

    • 11.30amD1
    • High1.2709
    • Low1.27
    • Close1.2717

GBP/USD is trading at 1.2725, 0.06% up since previous day close. GBP/USD – GBP/USD holds the fort above 1.2700, focus on UK/ US PMIs. GBP/USD is clinging to recovery gains above 1.2700 in European trading on Thursday. The US Dollar struggles to extend its upside, lending support to the pair amid an improving market mood. Traders look forward to the UK and US preliminary PMI data for fresh trading impulse. GBP/USD gathered bullish momentum and reached its strongest level since March 21 above 1.2750 in the early European session on Wednesday. Although the pair erased a large portion of its gains, it holds comfortably above 1.2700.

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.2877
R2 1.2763
R1 1.2725
Turnaround 1.27
S1 1.2684
S2 1.2639
S3 1.2565
By Research Team Thursday, May 23, 2024
US30

    • 11.35amD1
    • High39910
    • Low39552
    • Close39598

US30 is trading at 39722, 0.68% down since previous day close. US30 – The Dow Jones Industrial Average (DJIA) slipped back during US market session on Wednesday as investors continue to get pushed back on broad rate cut expectations. A recent decline in US Consumer Price Index (CPI) inflation helped to bolster traders’ confidence in a September rate trim from the Federal Reserve (Fed). However, still-high inflation numbers well above the Fed’s 2% target range and a cautionary warning from Fitch Ratings that global services inflation is likely to remain higher for longer are battering investors’ rate cut dreams.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 40400
R2 40100
R1 39930
Turnaround 39000
S1 39586.00
S2 39290.00
S3 39100.00
By Research Team Thursday, May 23, 2024
GOLD

    • 11.40amD1
    • High2426
    • Low2375
    • Close2378.9

XAU/USD is trading at 2355, 1.74%, down since previous day close. Gold – Gold price (XAU/USD) attracts some sellers on Wednesday. The further upside of the yellow metal might be limited, as the FOMC minutes were interpreted as significantly more hawkish than previous releases. The cautious approach of the US Fed to hold its restrictive policy for longer boosts the Greenback broadly and exerts some selling pressure on the gold price. Gold traders will closely watch the preliminary reading of the US Manufacturing and Services Purchasing Managers Index (PMI) for May. A weaker reading might trigger hope for Fed rate cuts and support gold.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2425
R2 2416
R1 2391
Turnaround 2380
S1 2352
S2 2332
S3 2320
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