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GBP/USD Near One-Week Low, Gold Holds Above $2,150, US Futures Dip on Inflation Concerns

By Research Team Friday, Mar 15, 2024
GBP/USD

    • 11:30D1
    • High1.27473
    • Low1.2730
    • Close1.2744

GBP/USD is trading at 1.27376, 0.11% down since previous day close. GBP/USD has fallen for the second consecutive day and reached a one-week low during the Asian session. The US Producer Price Index (PPI) indicates inflation and cooled expectations for early interest rate cuts by the Federal Reserve. The current market pricing suggests a greater chance of the US central bank cutting interest rates at the June policy meeting. Traders are waiting for more cues about the Fed’s rate-cut path before positioning for the next leg of a directional move for the USD. As seen in the chart, the pair has been in a down trend, hence continuation of downtrend is expected.

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.2750
R2 1.2745
R1 1.274
Turnaround 1.2735
S1 1.2732
S2 1.2728
S3 1.2725
By Research Team Friday, Mar 15, 2024
US100

    • 12:10D1
    • High18268.5
    • Low18205.44
    • Close18245.44

US100 is trading at 18215.25, 0.31% down since previous day close. U.S. stock index futures fell due to higher-than-expected inflation readings, putting markets on edge ahead of a Federal Reserve meeting next week. Technology stocks, particularly chipmakers exposed to artificial intelligence, saw steep losses, with NVIDIA Corporation down 0.6%. Nasdaq 100 Futures fell 0.2%, while Dow Jones Futures fell 0.1%. Energy stocks, including Chevron, Exxon Mobil, and ConocoPhillips, rose, while chipmaking stocks saw profit-taking as AI-fueled rallies dwindled. As seen in the chart, The index has rejected after maintaining a strong momentum, and a bearish phase has begun.

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Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 18300
R2 18260
R1 18230
Turnaround 18218.17
S1 18204
S2 18170
S3 18150
By Research Team Friday, Mar 15, 2024
GOLD

    • 1:10D1
    • High2168.83
    • Low2166.56
    • Close2166.92

XAU/USD is trading at 2168.2, 0.35% up since previous day close. The Gold price faces uncertainty over the Federal Reserve’s rate-cut path, with geopolitical risk and risk-off impulse supporting the safe-haven metal. The market is pricing in a 60% chance that the Fed will cut interest rates at the June policy meeting, helping limit losses for the non-yielding yellow metal. The Gold price has gained support from June Fed rate cut bets and softer risk tone, while the focus remains on the upcoming FOMC meeting next week. Technical analysis suggests bulls have the upper hand above $2,150 pivotal support, while the $2,178-2,180 region may act as a strong barrier.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2189
R2 2183
R1 2177
Turnaround 2169
S1 2166
S2 212155
S3 2150
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