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GBP/USD Holds Strong, Gold Consolidates Near $2,300 Pre-Fed; Market Cautious Ahead of Nonfarm Payrolls.

By Research Team Friday, May 3, 2024
GBP/USD

    • 11.30amD1
    • High1.2544
    • Low1.2471
    • Close1.2535

GBP/USD is trading at 1.2549, 0.05% up since previous day close. The Pound Sterling tumbled in early trading during the North American session, dropping below the 1.2500 figure amid renewed US Dollar strength. Data from the United States showed that the Balance of Trade deficit tightened while the labor market remained tight, as revealed by the Initial Jobless Claims report. The GBP/USD trades at 1.2549, mild up 0.05%. On daily chart basis on Thursday this pair touched support zone 1.2484-1.2446but buyer maintain levelled the closed in green.

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.2679
R2 1.2609
R1 1.2562
Turnaround 1.25
S1 1.2484
S2 1.2446
S3 1.24
By Research Team Friday, May 3, 2024
US100

    • 11.35amD1
    • High17648
    • Low17282
    • Close17635

US100 is trading at 17,670, 1.55% up since previous day close. U.S. stock index futures rose in evening deals on Thursday tracking better-than-feared earnings from tech behemoth Apple Inc, although sentiment remained on edge ahead of key payrolls data. Apple’s earnings, which came after the market close, added to a positive session on Wall Street, which saw the technology sector bounce back from two days of losses after the Federal Reserve said interest rates will remain higher for longer. On daily chart US100 come out from strong support zone 17,280-17,150 but could not cross previous day high may consolidate here if cross its resistance we can see upward movement in coming days.

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Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 18000
R2 17840
R1 17990
Turnaround 17450
S1 17282
S2 17156
S3 16992
By Research Team Friday, May 3, 2024
GOLD

    • 11.40amD1
    • High2326.5
    • Low2285.56
    • Close2303.72

XAU/USD is trading at 2301.80, 0.68% down since previous day close. Gold spot on retracing mode after Fed announcement on Thursday try make bullish momentum but could not cross resistance level 2326.65 selling pressure started their  The Gold price is trading in the $2,301s on Friday after retracing about three-tenths of a percent on reduced safe-haven demand. Market sentiment is overall positive as Asian stocks on balance closed higher and Oil prices hover at seven-week lows After no change in interest rate and weakness.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2370
R2 2355.86
R1 2326.85
Turnaround 2301
S1 2290.31
S2 2248.07
S3 2233
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