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Earthquake Hits Japan & Affected the Equity Markets; While Gold Prices Inches Up

By Research Team Tuesday, Jan 2, 2024
USD/JPY

    • 1.45pmD1
    • High141.67
    • Low141.099
    • Close141.572

USD/JPY is trading at 141.419, 0.02% down since previous day close. The Japanese YEN weakened in early trade on Tuesday after a devastating earthquake hit the country, affecting the economic conditions. On global front, the steady USD ahead of U.S Fed Meeting Minutes & Non-farm Payroll data release event remains slightly suppressive for other currencies. The traders expect U.S interest rate cut in the month of March; as hinted by few Fed officials which remains vital for USD/JPY. The Japan’s Prelim Industrial Production fell by 0.9% lower than expected fall of 1.7% & the Retail Sales grew by 5.3% from 4.1% in the previous month. As seen in the chart, the pair USD/JPY sustained & reversed down the Fibo level 61.8 which indicates further buying in YEN against the USD.

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Daily Outlook

USD/JPY

Intra Day
Near Day

Technical Levels

R3 143.47800
R2 142.36100
R1 141.69200
Turnaround 141.24400
S1 140.57500
S2 140.12700
S3 139.01700
By Research Team Tuesday, Jan 2, 2024
XAUUSD

    • 2.28pmM1
    • High2076.48
    • Low2062.32
    • Close2074.35

Gold is trading at $2073  .44, 0.08% up since previous close. The gold prices seem to be turning slightly higher against the steady USD on account of upcoming U.S Fed Meeting Minutes & NFP data due later in this week. Earlier, the soft USD as U.S PCE Price Index showed poor result & hence, increases the chances of interest rate cut-down in near term which led the rally in precious metals. The mixed Chinese economic outlook will remain significant for gold prices; for China is a top consumer of metals. The result of U.S PMI figures will remain in focus for the day. As seen in chart, the gold is still hovering near major resistance level & hence, a breakout is expected if breaches the level. Slight buying bias may be suggested.

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Daily Outlook

XAUUSD

Intra Day
Near Day

Technical Levels

R3 2098.21000
R2 2081.73000
R1 2072.22000
Turnaround 2065.25000
S1 2055.74000
S2 2048.77000
S3 2032.29000
By Research Team Tuesday, Jan 2, 2024
US100

    • 2.05pmH4
    • High17036
    • Low17015
    • Close17022

US100 is trading at           17033, 0.02% up since previous day close. The range bound trading can be seen in U.S markets as traders are looking forward to the result of FOMC Meeting Minutes & Non-farm Payroll data due later in this week. Other than this, the earthquake in Japan & poor Chinese PMI figures affected the global sentiments & hence, limited the gains in US100. Last week, an optimism looms over interest rate cut in the month of March which pushed up the US30. The result of U.S Final Manufacturing PMI data will remain in focus for the day. As seen in the H4 chart, the index sustained the resistance of cluster highs & seems to be turning down; however, an upside may resume if buying continues further. The cautious trading may be recommended for the day in US100.

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Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 17090.00000
R2 17052.00000
R1 17029.00000
Turnaround 17014.00000
S1 16991.00000
S2 16976.00000
S3 16938.00000
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