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Mixed Momentum in Indices Amid Slowing Global Recovery whereas the Gold Prices Shines

By Research Team Thursday, Nov 18, 2021
GOLD

    • 12.50pm ISTD1
    • High1870.94
    • Low1862.6
    • Close1864.56

Gold is trading at $1863.62, 0.07% up since previous day close. The safe haven instruments like Gold & YEN strengthened against the soft USD & tepid equity markets. However, the slight profit-booking phase can be seen in Gold after rallying to higher levels of $1870 last week amid global cues. Though, the bullish momentum may remain intact on long term basis. The recovery at global level from Covid-19 phase & the resuming manufacturing & industrial activities at full capacity remains widely supportive for commodities. Buying on corrective dips may be recommended in Gold since the commodity crossed major resistance level of $1830 levels & is also trading above the MA (10) level.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 1898.37000
R2 1879.93000
R1 1873.38000
Turnaround 1861.49000
S1 1854.94000
S2 1843.05000
S3 1824.61000
By Research Team Thursday, Nov 18, 2021
AUS200

    • 12.35pm ISTD1
    • High7398
    • Low7361
    • Close7367

AUS200 is trading at 7462, 0.03% down since previous day close. The Asian shares slightly tumbled down amid soft global sentiments over rising inflation rate & slowing growth rate in few countries. The Australian Wage Price Index increased by 0.6% against the expectation 0.4% which turned out to be positive for AUS200. Last week, the uncertain U.S interest rate decision & tapering down steps remained crucial for major indices. The result of PI figures will remain in to focus for the next week. As seen in the chart, the index formed lower tops as compared to previous level & hence, there can be chance of range bound momentum or bearishness. However, the AUS200 is trading near MA (10) & MA (20) & hence, the cautious trading may be recommended for the day.

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Daily Outlook

AUS200

Intra Day
Near Day

Technical Levels

R3 7533.00000
R2 7452.00000
R1 7408.00000
Turnaround 7371.00000
S1 7324.00000
S2 7290.00000
S3 7209.00000
By Research Team Thursday, Nov 18, 2021
USD/CAD

    • 12.10pm ISTD1
    • High1.26241
    • Low1.26042
    • Close1.26076

USD/CAD is trading at 1.26092, 0.18% down since previous day close. Unlike other currencies, the Canadian Dollar softened amid sharp fall in Oil Prices as China, Japan & US are considering releasing their Oil levels from SPRs; since CAD & Oil are directly correlated. On data front, the CPI rate grew by 0.7% from 0.2% in the preceding month which slightly pushed up the USD/CAD. The country’s Housing Starts dropped to 237K from 250K in the previous month which again softened USD/CAD. Uncertain Fed’s interest rate decision remains vital for currencies. As seen in the chart, the pair formed double support at previous lows & almost reversed upside. Slight selling may be suggested in CAD against the USD for the day.

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Daily Outlook

USD/CAD

Intra Day
Near Day

Technical Levels

R3 1.27554
R2 1.26731
R1 1.26413
Turnaround 1.25905
S1 1.25590
S2 1.25085
S3 1.24262
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