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Oil Retreats & Indices Steadies Amid Mixed Global Sentiments

By Research Team Thursday, Dec 8, 2022
USD/JPY

    • 10.25amW1
    • High137.087
    • Low136.272
    • Close136.834

USD/JPY is trading at 136.934, 0.03% down since previous day close. The YEN weakened to some extent against the mixed USD on account of better than expected U.S economic data. However, the pair strengthened last week after market reacts to chances to smaller rate hikes in the next Fed meeting. On data front, the Japan’s Bank Lending grew by 2.7% from 2.6% in the previous month & Final GDP deficit fell by 0.2% versus 0.3% previously. This slightly pushed up the pair USD/JPY; how so ever it was short-lived. As seen in the chart, the pair retraced down till Fibo level 38.2 & is expected t further test Fibo level 50.0 if breached. The cautious trading may be seen for the day in USD/JPY.

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Daily Outlook

USD/JPY

Intra Day
Near Day

Technical Levels

R3 140.09400
R2 138.45600
R1 137.41900
Turnaround 136.81800
S1 135.78100
S2 135.18000
S3 133.54200
By Research Team Thursday, Dec 8, 2022
SILVER

    • 11.14amW1
    • High22.718
    • Low22.54400
    • Close22.629

Silver is trading at $22.618, 0.01% down since previous close.  The selling pressure can be seen in precious metals since last few trading sessions against the steady USD ahead of the Fed meeting which is to be held in the next week. Earlier in this week, the Silver surged to $23 levels after Fed Chair showed chances of smaller rate hikes in the near future. Also, easing down of Covid restriction in China may remain bullish for Silver since this may revive the chances of consumption demand of industrial metals. As seen in the chart, the commodity is hovering near MA (100) which acts as major resistance level & hence, make or break situation may be seen further.

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Daily Outlook

SILVER

Intra Day
Near Day

Technical Levels

R3 23.99200
R2 23.26500
R1 22.99000
Turnaround 22.53000
S1 22.26300
S2 21.81100
S3 21.08400
By Research Team Thursday, Dec 8, 2022
US30

    • 10.45amW1
    • High33641
    • Low33482
    • Close33622

US30 is trading at 33604.3, 0.03% down since previous close. The profit-booking can be seen in U.S markets for consecutive third trading session as traders & investors remain cautious ahead of Fed meeting which is to be scheduled in next week. Earlier, the indices rallied after FOMC Chair Powell hinted for the chances of slower rate hike stance in the forthcoming meetings & the Chinese government eased down Covid-19 restrictions in China. The result of U.S Jobless Claims data & PPI will be closely monitored today & Friday respectively. As seen in the chart, the index is hovering near major resistance level of previous highs & is expected to breach the level if upside persists further otherwise a reversal may be witnessed. Wait & watch strategy may be build-up for the day in US30.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 34332.00000
R2 33984.00000
R1 33810.00000
Turnaround 33636.00000
S1 33462.00000
S2 33288.00000
S3 32940.00000
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