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GBP/USD Stalls at 1.2800 Pre-NFP; Equities Mixed; Gold Dips Below $2,350 as China Halts Reserves Buying.

By Research Team Friday, Jun 7, 2024
GBP/USD

    • 11.30amD1
    • High1.2809
    • Low1.2762
    • Close1.2791

GBP/USD is trading at 1.2793, 0.03% up since previous day close. GBP/USD trades modestly flat near 1.2800 in the European session on Friday. The pair lacks a clear directional bias, as traders drift on the sidelines ahead of the all-important US Nonfarm Payrolls data. After decline demand of US Dollar major currency gain all over the world. GBP/USD currently trading on over brought area this may touch 1.2847 if fail to touch may see to retrace to near support line which is 1.2750.

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.3035
R2 1.2893
R1 1.2811
Turnaround 1.2800
S1 1.2750Q
S2 1.2690
S3 1.2500
By Research Team Friday, Jun 7, 2024
US30

    • 11.35amD1
    • High38008.00
    • Low38727.00
    • Close38887.00

US30 is trading at 38900. 0.24% up since previous day close. The monthly payrolls report is the highlight of the day’s activity, as investors look for more clues as to when the Federal Reserve will start cutting interest rates. Nvidia remains in the spotlight, although short positions in the AI giant are rising, while volatility in meme stock GameStop is set to continue. Multiple events hold the market currently US30 traded near 38900 a week ago we see a sharp fall from here so wait and watch for upcoming move.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 39400.00
R2 39200.00
R1 39034.00
Turnaround 38850.00
S1 38735.00
S2 38450.00
S3 38200.00
By Research Team Friday, Jun 7, 2024
GOLD

    • 11.40amD1
    • High2378.00
    • Low2353.00
    • Close2376.00

XAU/USD is trading at 2375, 0.88%, up since previous day close. Gold price (XAU/USD) trades with mild negative bias after retracing from fresh two-week highs during the European trading hours on Friday. Investors now opt to move to the sidelines and wait for the release of the closely-watched monthly employment details from the United States (US). The popularly known Nonfarm Payrolls (NFP) report will play a key role in influencing the Federal Reserve’s (Fed) future policy decisions, which, in turn, should provide a fresh impetus to the non-yielding yellow metal. XAUUSD face rejection from 2384 and may retrace toward their nearest support zone.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2420.00
R2 2480.00
R1 2360.00
Turnaround 2345.00
S1 2325.00
S2 2293.00
S3 2280.00
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