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Uncertain FOMC Monetary Outlook Restricts Gain in Indices While Oil Moves Range Bound

By Research Team Friday, Nov 10, 2023
GBP/USD

    • 9.32amd1
    • High1.2228
    • Low1.22119
    • Close1.22233

GBP/USD is trading at 1.22218, 0.03% down since previous day close. The flat to lower side trading can be seen in Sterling Pound on an account of weak global cues. The Fed Powell showed a hawkish stance over future monetary policy, China posted weaker than expected key economic figures & softer corporate earning results led the U.S bond yields to trade on higher side & in return, weakened the major currencies. The U.K RICS House Price Balance fell by 63% against expectation -65% while the result of GDP data will remain in focus for the day. As seen in the chart, the pair seems to be hovering above MA (10) & MA (20) & hence, the cautious trading may be recommended as an either side breakout can be expected.

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.24375
R2 1.23415
R1 1.22785
Turnaround 1.22455
S1 1.21815
S2 1.21495
S3 1.20535
By Research Team Friday, Nov 10, 2023
GER30

    • 9.53amw1
    • High15317
    • Low15287
    • Close15301

GER30 is trading at 15294, 0.12% up since previous day close. The mixed trading can be seen in European shares as traders are looking forward to the ECB Lagarde speech which is to be held today. Globally, the Fed Chair Powell hinted for a rate hike stance in future monetary policy in order to control inflationary pressure & this weakened the market sentiments & equity markets. The disappointing corporate earnings & weaker Chinese key economic data weigh down the global markets. The focus will remain on the speech of German Buba President Nagel which is to be issued today. As seen in the chart, although an index retracted down yet it seems to be taking a support of previous lows which acts as substantial level. Buying on dips may be recommended for the day.

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 15667.00000
R2 15503.00000
R1 15417.00000
Turnaround 15339.00000
S1 15253.00000
S2 15175.00000
S3 15011.00000
By Research Team Friday, Nov 10, 2023
GOLD

    • 10.05amd1
    • High76.19
    • Low75.28
    • Close76.07

Gold is trading at $1958  .44, 0.06% up since previous close. The mixed trading can be seen in gold since last two sessions against the steady USD as uncertainty looms over future Fed monetary policy. Besides this, the China posted weaker Trade Balance data which may affect the consumption demand of gold & hence, lowered down the prices since China is a major consumer of metals. On contrary, the prices traded on higher side last week after U.S Non-farm Payroll data showed a slow-down in employment sector which reduces the chances of interest rate hikes. As seen in the chart, the gold is hovering near higher levels which acts as resistance level; indicates an either side breakout can be seen on short-term basis.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 1998.13000
R2 1977.31000
R1 1968.22000
Turnaround 1956.49000
S1 1947.40000
S2 1935.67000
S3 1914.85000
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