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Indices Jumps & Gold Steadies Amid Mixed Global Cues

By Research Team Tuesday, Jun 21, 2022
USD/CAD

    • 9.45amW1
    • High1.29852
    • Low1.2939
    • Close1.29442

USD/CAD is trading at 1.29457, 0.04% up since previous day close. The Canadian Dollar seems to be trading on higher side on Tuesday against the mixed USD as traders remain cautious over Fed Powell’s speech beginning from Wednesday. Earlier, the pair remained volatile amid heavy fluctuations in Oil prices; for both of them are directly correlated. The fear over global recession as major Central Banks started raising their interest rates remains vital for currency market. The result of Core Retail Sales & NHPI figures will remain in focus for the day. As seen in the chart, the pair is trading near upper trend line of channel pattern which indicates the chances of further buying bias in CAD against the USD.

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Daily Outlook

USD/CAD

Intra Day
Near Day

Technical Levels

R3 1.30944
R2 1.30447
R1 1.30144
Turnaround 1.29950
S1 1.29647
S2 1.29453
S3 1.28956
By Research Team Tuesday, Jun 21, 2022
GOLD

    • 10.25amW1
    • High1842.38
    • Low1838.55
    • Close1840.3

Gold is trading at $1840.75, 0.04% down since previous day close. The commodities seems to be trading mixed against the steady USD as market waits for the outcome of FOMC Chair Powell’s speech which is due later in this week.  Last week, the precious metals remains slightly sluggish post FOMC meeting wherein an interest rate was hiked by 75bps higher than expectation which strengthened the USD. On positive note, the reducing number of Covid-19 cases in China may retain the consumption demand of commodities. As seen in the chart, the Gold is trading within a bullish channel pattern & is hovering near lower trend-line. Buying on lower side may be recommended for the day.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 1862.02000
R2 1851.08000
R1 1845.09000
Turnaround 1840.14000
S1 1834.14000
S2 1829.20000
S3 1818.26000
By Research Team Tuesday, Jun 21, 2022
JAP225

    • 10.05amD1
    • High26273
    • Low25953
    • Close26263

JAP225 is trading at 26243, 0.22% up since previous day close. The Asian shares turned on higher side following the U.S markets as traders & investors are gulping the global recession fear & major Central Bank’s aggressive monetary stances. Earlier, the JAP225 showed downward momentum post Fed meeting; wherein an interest rate was hiked by 75bps to lower down inflation concern & that the more hikes may turn out to be ultimate solution to the problem. Last week, the Bank of Japan (BoJ) left its interest rate at -0.10% as expected & maintained its stimulus package size as well. The Japan’s Trade Balance deficit increased to 1.93T from 1.58T in the previous month. Slight buying may be recommended for the day in JAP225.

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Daily Outlook

JAP225

Intra Day
Near Day

Technical Levels

R3 26931.00000
R2 26371.00000
R1 26179.00000
Turnaround 25811.00000
S1 25619.00000
S2 25251.00000
S3 24691.00000
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