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GBP/USD Steady at 1.2700, Equities Drop on GDP Report, Gold Gains Amid Slower US Growth.

By Research Team Friday, May 31, 2024
GBP/USD

    • 11.30amD1
    • High1.2748
    • Low1.2682
    • Close1.2698

GBP/USD is trading at 1.2760, 0.25% up since previous day close. GBP/USD is under pressure while holding above 1.2700 in European trading on Friday. The US Dollar finds its feet amid a tepid risk sentiment, as traders switch to the sidelines, awaiting the US PCE inflation data. The negative shift seen in market mood helped the US Dollar (USD) find demand as a safe-haven and caused GBP/USD to push lower. Reflecting the risk-averse atmosphere, Wall Street’s main indexes lost between 0.7% and 1.05%.

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.29
R2 1.28
R1 1.28
Turnaround 1.275
S1 1.27
S2 1.26
S3 1.25
By Research Team Friday, May 31, 2024
US30

    • 11.35amD1
    • High38493.60
    • Low38000.96
    • Close38111.48

US30 is trading at 38107. 0.13% down since previous day close. U.S. stocks closed lower on Thursday, weighed down by slumping technology stocks, including the roughly 20% drop in shares of Salesforce Inc. The Dow Jones Industrial Average lost a U.S.  stocks closed lower on Thursday, weighed down by slumping technology stocks, including the roughly 20% drop in shares of Salesforce Inc. Dow Jones Industrial Average fell 0.9% to 38,111.5. Technology and communication services posted declines among sectors.

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Daily Outlook

US 30

Intra Day
Near Day

Technical Levels

R3 38750.00
R2 38680.00
R1 38400.00
Turnaround 38350.00
S1 38000.00
S2 37688.00
S3 37229.00
By Research Team Friday, May 31, 2024
GOLD

    • 11.40amD1
    • High2351.83
    • Low2322.72
    • Close2343.00

XAU/USD is trading at 2342, 0.22%, up since previous day close. Gold prices were set for a fourth straight monthly gain, even as the market struggled for momentum on Friday ahead of a key U.S. inflation reading that could provide more indications on how the Federal Reserve might proceed with rate cuts later this year. Any upside in PCE could put gold on the back foot but it may take much more to reverse the broader upward trend, with buyers likely to step in to defend the $2,300 level.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2368.29
R2 2357.17
R1 2350.30
Turnaround 2339.18
S1 2328.00
S2 2321.19
S3 2310.00
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