fbpx

Register for MT4 Demo Account

Register for xStation Account

Gold & Oil Shines While Kiwi Slides Amid Pause in Further Rate Hikes

By Research Team Wednesday, May 24, 2023
NZD/USD

    • 10.42amd1
    • High0.62565
    • Low0.61616
    • Close0.61671

NZD/USD is trading at 0.61674, 0.22% down since previous day close. The Kiwi depreciated heavily post RBNZ meet wherein the interest rate was hiked by 25bps as expected how-so-ever it hinted for a pause in monetary tightening process for near term in order to review the inflationary scenario. Also, the New Zealand posted weaker than expected Retail Sales data which fell by 1.4% against the expectation of 0.2%; further weakening the pair NZD/USD. Globally, ongoing debt ceiling talks between U.S President Biden & House Speaker McCarthy failed to show any conclusion which remained suppressive for major currencies. The cautious trading may be recommended for the day in NZD/USD.

Read More… Read Less

Daily Outlook

NZD/USD

Intra Day
Near Day

Technical Levels

R3 0.63992
R2 0.63306
R1 0.62899
Turnaround 0.62620
S1 0.62213
S2 0.61934
S3 0.61248
By Research Team Wednesday, May 24, 2023
US100

    • 11.20amd1
    • High1979.31
    • Low1972.7
    • Close1978.36

US100 is trading at 13749, 0.06% down since previous day close. The non-concluding U.S debt ceiling talks amongst top U.S officials & worsening U.S-China trade issue made the U.S markets weaker. Besides this, the tension looms over interest rate hike decision in Fed’s next meeting amid higher inflation & employment rate. On data front, the Flash Manufacturing PMI fell to 48.5 from 50.2 in the previous month while the Flash Services PMI rose to 55.1 from 53.6 previously. The focus will be U.S Treasury Secretary Janet Yellen speech which will be held today. As seen in the chart, the although the US100 slid down yet it seems to be taking a support of MA (10) & id sustained the current level, a reversal may be expected on daily basis.

Read More… Read Less

Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 14343.00000
R2 14077.00000
R1 13912.00000
Turnaround 13811.00000
S1 13646.00000
S2 13545.00000
S3 13279.00000
By Research Team Wednesday, May 24, 2023
GOLD

    • 11.20amd1
    • High1979.31
    • Low1972.7
    • Close1978.36

Gold is trading at $1978.01, 0.11% up since previous close. The losses in Gold turned into gains on Tuesday despite stronger USD as heavy trading volume occurred at major support levels of $1950. Ongoing U.S debt ceiling negotiations between U.S President Biden & House Speaker McCarthy failed to conclude a deal which weighs down the precious metals earlier. Also, the weaker Chinese economic data made the gold prices weaker since China is a major consumer of metals. Uncertain future FOMC monetary decision will remain vital for Gold. As seen in chart, the Gold slid down to previous lows; however, sustained & showed a reversal phase thereon. Buying on dips may be recommended for the day on Gold.

Read More… Read Less

Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2016.18000
R2 1992.59000
R1 1983.59000
Turnaround 1969.00000
S1 1960.22000
S2 1945.41000
S3 1921.82000
footer-logo

XFlow Markets provides an entirely transparent access to the FOREX Market through two powerful trading platforms with excellent execution speed, a 24/5 client support system with no dealing desk involvement.

 

© 2024 XFlow Markets, All rights reserved.

Risk Warning: Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances.

You may lose more than you invest. Information on this website is general in nature. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. Trading through an online platform carries additional risks.

 

XFlow Markets INC is incorporated in Saint Lucia with registration no. 2023/C088 governed by the Companies Act, Cap 13.01 of the revised laws of Saint Lucia.

XFlow Markets does not offer Contracts for Difference to residents of certain jurisdictions including the Belgium, Iran, Canada, North Korea, the USA, Cuba, Syria and FATF Black Listed Countries.

Telephone number: UAE: +971 43304431 Working hours: 7:00 AM - 5:00 PM (GMT+0)

XFlow Markets does not offer any fixed returns & guaranteed profits. Forex and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Your capital is at risk. Please consider our Risk Disclosure.

XFlow Markets does not guarantee any returns or profits. Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.