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Range Bound Indices & Correction in Gold Can be Witnessed Ahead of Fed Monetary Policy

By Research Team Wednesday, Mar 22, 2023
GOLD

    • 10.15amD1
    • High1946.25
    • Low1937.28
    • Close1939.67

Gold is trading at $1938.52, 0.21% down since previous close. The selling pressure can be seen in gold prices which can be termed as profit booking phase as the commodity tested recent highs of $2000 mark earlier in this week. However, the focus will be on upcoming event of US FOMC meeting which is to be concluded on Wednesday wherein the monetary stance will be revealed. An improved global sentiment on UBS- Credit Suisse deal & announcement of liquidity assistance being to be provided by FOMC & other Central Banks led buying pressure in commodities. As seen in the chart, the Gold seems to be retracing down till MA (10) which acts as major support level. Sideways trading may be expected for the day in Gold.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2034.15000
R2 1992.88000
R1 1967.87000
Turnaround 1951.61000
S1 1926.67000
S2 1910.34000
S3 1869.07000
By Research Team Wednesday, Mar 22, 2023
GBP/USD

    • 9.40amD1
    • High1.22367
    • Low1.22083
    • Close1.22232

GBP/USD is trading at 1.22306, 0.12% up since previous day close. The flat to higher side momentum can be seen in Pound on Wednesday ahead of the outcome of country’s CPI data release event today. Also, the traders will be eying the result of U.S FOMC meet; showcasing its monetary stance. Since the fear of banking crisis still looms in the market, the softer USD cushions the other currencies. Globally, the easing down U.S CPI rate & upbeat U.S labor figures can reduce the higher rate hike chances in Fed’s upcoming meet. As seen in the chart, the pair GBP/USD is consistently trading; however, crossed over the MA (100) & MA (10) which indicates the strong upside with heavy volumes & the target of 1.23421 can be expected.

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.22782
R2 1.22520
R1 1.22433
Turnaround 1.22258
S1 1.22171
S2 1.21996
S3 1.21734
By Research Team Wednesday, Mar 22, 2023
AUS200

    • 9.58amD1
    • High7054
    • Low7036
    • Close7045

AUS200 is trading at 7050.3, 0.22% up since previous close. An upward momentum can be seen in Asian shares in early trade on Wednesday after positive sentiments builds-up amongst the traders over global cues. In Australia, the MI Leading Index fell by 0.1% same as previous figure which failed to create much impact on ASU200. However, the limited trading can be observed in equities as Fed is to reveal its monetary stance on Wednesday against the expectation of 25bps rate hike. Earlier, the UBS news of buying the Credit Suisse Bank & the FOMC & other Central banks plan to provide financial assistance to economies in order to stabilize global growth led buying pressure in indices. Buying bias may be recommended in AUS200 on daily basis.

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Daily Outlook

AUS200

Intra Day
Near Day

Technical Levels

R3 7186.33000
R2 7106.33000
R1 7074.20000
Turnaround 7026.00000
S1 7026.33000
S2 6994.33000
S3 6866.33000
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