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Range Bound Equities & Sell-off in Equities Continues Amid Global Cues

By Research Team Wednesday, Sep 21, 2022
GOLD

    • 10.15amW1
    • High1667.47
    • Low1662.25000
    • Close1662.37

Gold is trading at $1664.97, 0.07% down since previous close. The sideways trading can be seen in Gold amid strong USD ahead of the outcome of U.S FOMC meeting with a hope of interest rate hike by 75bps & future Fed’s stance which is to be revealed today. The rising inflation concern in U.S & other parts of the world lowered down consumption demand of global commodities. On contrary, the chances of recovering Chinese economic conditions may hint for the revival in commodities on long run; as China is a major consumer of metals. As seen in the chart, the Gold is trading near previous multiple lows which act as a major support level & hence, cautious trading may be adopted for the day.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 1707.51000
R2 1688.06000
R1 1677.25000
Turnaround 1668.61000
S1 1657.81000
S2 1649.16000
S3 1629.71000
By Research Team Wednesday, Sep 21, 2022
US100

    • 9.56amD1
    • High11952.72
    • Low11909.97
    • Close11933

US100 is trading at 11932.8, 0.21% down since previous day close. The tight range can be seen in US100 on Wednesday as market waits for the result of FOMC monetary decision with a hope of interest rate hike by 75bps in order to tame down the inflation. The surging bond yields & strong US Dollar Index further led to selling pressure in equity markets. On data front, the Building Permits fell to 1.52M from 1.69M in the previous month whereas the Housing Starts rose to 1.58M against the expectation 1.45M. This created mixed trading in U.S markets. As seen in the chart, the index is trading below the short term Moving Averages of period 10 & 20 & also, the RSI line is moving near the lower level 30. Selling bias may be continued to be seen in US100.

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Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 12473.33000
R2 12210.30000
R1 12066.67000
Turnaround 11947.33000
S1 11803.66000
S2 11683.33000
S3 11421.33000
By Research Team Wednesday, Sep 21, 2022
GBP/USD

    • 9.32amW1
    • High1.14606
    • Low1.13572
    • Close1.13804

GBP/USD is trading at 1.13728, 0.13% down since previous day close. The Sterling Pound is getting weaker since last one month amid multiple global as well as regional factors. The stronger USD on the chances of aggressive rate hike stance by FOMC in today’s meet led selling pressure in other basket of currencies. Besides this, the country’s poor economic growth & the death of Queen Elizabeth-ll created negative sentiments for GBP/USD. The result of U.K’s Public Sector Net Borrowing & CBI Industrial data will remain in focus for the day. As seen in the chart, the GBP/USD is trading near major support of previous lows i.e. almost 2020’s lows. This may act as make or break point on short to medium term basis.

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.16062
R2 1.15028
R1 1.14416
Turnaround 1.13994
S1 1.13382
S2 1.12960
S3 1.11926
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