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GBP/USD Tensions, Fed and BoE Awaited, Gold Holds Steady Ahead of FOMC.

By Research Team Tuesday, Mar 19, 2024
GBP/USD

    • 11:50D1
    • High1.27118
    • Low1.27047
    • Close1.27054

GBP/USD is trading at 1.27081, 0.15% down since previous day close. The Federal Reserve is set to maintain its monetary policy for a fifth time at its March meeting, indicating the need for sustained inflation to reach its 2% target. The Bank of England is expected to maintain interest rates at 5.25%, with investors expecting to begin rate cuts in August. The US Building Permits and Housing Starts are due later. 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 1.2728
R2 1.2722
R1 1.2716
Turnaround 1.2712
S1 1.2705
S2 1,2698
S3 1.2693
By Research Team Tuesday, Mar 19, 2024
US30

    • 12:45H4
    • High39238
    • Low39196
    • Close39224

US30 is trading at 39233, 0.03% down since previous day close. U.S. futures closed higher on Monday, driven by gains in tech stocks and hype over artificial intelligence. Alphabet surged 4.6%, while Tesla’s 6% jump was boosted by Tesla’s European model price hike. However, aftermarket trade, most major tech stocks reversed course, with Nvidia slid 1.7%. Markets were also awaiting preliminary purchasing managers index readings for March. Uncertainty over the Fed and chipmakers’ reactions contributed to the market’s decline. As seen in the chart, the index shows a sideways moment throughout days, also RSI and (MA) also shows a sideways moment.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 39278
R2 39263
R1 39250
Turnaround 39221
S1 39212
S2 39195
S3 39180
By Research Team Tuesday, Mar 19, 2024
GOLD

    • 2:50H1
    • High2156.19
    • Low2152.33
    • Close2154.38

XAU/USD is trading at 2155.6, 0.02% down since previous day close. Gold price has experienced a decline for the third consecutive day, dropping to over a one-week trough. The US Dollar struggles to gain traction amid uncertainty over the Fed’s rate-cut path. Geopolitical risks and a softer risk tone support the safe-haven precious metal. However, the upside is capped due to the Fed’s higher-for-longer interest rates narrative and the hawkish outlook supporting elevated US Treasury bond yields. As seen in the chart, gold is performing in a range bound, Rally is expected I broke either of the levels.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2180
R2 2175
R1 2162
Turnaround 2159
S1 2150
S2 2142
S3 2133
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