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GBP/USD, SILVER and US30

By Research Team Tuesday, Sep 13, 2022
GBP/USD

    • 11.40amD1
    • High1.17057
    • Low1.16801
    • Close1.16879

GBP/USD is trading at 1.16938, 0.14% up since previous day close. The Pound gained momentum against the steady USD ahead of the release of U.S CPI data; due today. Earlier, the pair slid down as traders expects a 75bps rate hike stance in the forthcoming Fed meeting. On Monday, the GDP rate grew by just 0.2% against the previous fall of 0.6% & the Production figures, also, showed the poor result. However, the market will be eyeing an outcome of Average Earnings Index & Claimant Count Change data which is to be issued today. As seen in chart, the pair reversed up from lower trend-line of channel pattern; how-so-ever, it is trading near MA (10) & MA (20). This indicates the chances of make or break situation on short to medium term basis.

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.11959
R2 1.11671
R1 1.11505
Turnaround 1.11383
S1 1.11217
S2 1.11095
S3 1.10807
By Research Team Tuesday, Sep 13, 2022
SILVER

    • 10.35amW1
    • High19.866
    • Low19.52500
    • Close19.649

Silver is trading at $19.677, 0.26% up since previous day close. The precious metals moved on higher side against the soft USD as traders waits for the result of U.S CPI data which is to be issued today. Also, this will contribute in monetary decision making in the next Fed meeting; wherein a rate hike of 75bps is being expected. Besides this, the recovery in Chinese economic & industrial situation post PBoC’s announcement of aiding stimulus package led further buying bias in Silver prices. The result of Federal Budget Balance will remain in focus for the day. As seen in the chart, the Silver almost crossed MA (10) with heavy trading volume; surpassing the MA (20) may emerge further buying pressure.

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Daily Outlook

SILVER

Intra Day
Near Day

Technical Levels

R3 21.90030
R2 20.73200
R1 20.28600
Turnaround 19.56300
S1 19.11800
S2 18.39300
S3 17.22800
By Research Team Tuesday, Sep 13, 2022
US30

    • 11.57amW1
    • High32431
    • Low32371
    • Close32394

US30 is trading at 32411.8, 0.18% up since previous day close. The U.S markets recovered on Monday against the soft USD as market waits for the result of U.S CPI data which is to be issued today. Besides this, an aggressive rate hike chances by 75bps in upcoming Fed meeting seems to be discounted-in the equity markets; now emerging the positive sentiments. Last week, the shares recovered post ECB meeting wherein an interest rate was hiked by 75 bps as expected. The result of U.S CPI & Federal Budget Balance data will be closely monitored today. As seen in the chart, the US30 crossed over the upper trend-line of channel pattern & is on the verge of crossing over Moving Averages. Buying on corrective dips may be recommended for the day in US30.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 33084.00000
R2 32718.00000
R1 32563.00000
Turnaround 32352.00000
S1 32197.00000
S2 31986.00000
S3 31620.00000
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