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Upcoming U.S Congressional Elections Remains Vital for Markets

By Research Team Tuesday, Nov 8, 2022
GOLD

    • 11.45amW1
    • High1676.71
    • Low1668.23000
    • Close1670.17

Gold is trading at $1669.63, 0.02% up since previous close. Like other commodities, the Gold is trading within tight range against steady USD as traders remain watchful over upcoming U.S Congressional Elections. Also, the forthcoming event of U.S CPI data will remain significant for commodities as this will show the status of inflationary pressure in the country; which affects the consumption demand of commodities. Last week, the steady USD after FOMC hiked an interest rate by 75bps from 3.25% to 4.00% as expected led selling bias in Gold. The result of NFIB Small Business Index will remain in focus for the day. Wait & watch strategy may be adopted for the day in Gold.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 1704.25000
R2 1689.28000
R1 1681.70000
Turnaround 1674.31000
S1 1666.73000
S2 1659.34000
S3 1644.33000
By Research Team Tuesday, Nov 8, 2022
USD/JPY

    • 11.10amD1
    • High146.8
    • Low146.312
    • Close146.67

USD/JPY is trading at 146.760, 0.06% up since previous day close. The mixed USD ahead of U.S Congressional Elections remains slightly sluggish for other currencies. On data front, the Average Cash Earnings grew by 2.1% from 1.7% in the previous month while the Household Spending increased by 2.3% which is lower than expectation 2.6%. Last week, the U.S FOMC hiked interest rate by 75bps as expected & may remain hawkish in future meets which made USD stronger & other currencies to trade in a tight range. The result of Current Account data will remain in focus on Wednesday. As seen in the chart, the pair consolidates in a specific range which indicates a breakout on either side. The cautious trading may be expected further.

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Daily Outlook

USD/JPY

Intra Day
Near Day

Technical Levels

R3 149.72300
R2 148.24100
R1 147.43300
Turnaround 146.75900
S1 145.95100
S2 145.27700
S3 143.79500
By Research Team Tuesday, Nov 8, 2022
US100

    • 11.25amW1
    • High11062
    • Low10983
    • Close10997

US100 is trading at 10863.3, 0.06% up since previous close. The range bound trading can be seen in U.S markets ahead of the result of U.S Congressional Elections which are to be out today. Last week, the U.S Non-farm Payroll data showed a rise in number of employed people by 261K against expectation of 197K. This boosted up the market sentiments. Earlier, the index plunged down post FOMC meet which showed a rise in interest rate by 75bps as expected. The higher chances of rate hike in future meets remained slightly sluggish on indices. The outcome of country’s CPI data will be closely monitored on Thursday. As seen in the chart, the index is strongly trading near long term Moving Averages of (200) & hence, make or break situation may be recommended further.

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Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 11454.00000
R2 11201.00000
R1 11112.00000
Turnaround 10948.00000
S1 10859.00000
S2 10695.00000
S3 10442.00000
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