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Steady Indices & Sell-off in Gold Can be Noticed Amid Mixed Global Cues

By Research Team Thursday, Nov 17, 2022
WTI OIL

    • 11.05amW1
    • High84.81
    • Low83.79000
    • Close83.82

WTI Oil is trading at $83.85, 0.16% down since previous day close. The downside can be seen in Oil prices despite bearish estimates released by Energy Information administration (EIA) wherein the Oil inventory levels dropped by 5.4 mbpd against the expected fall of 2.0 mbpd. Earlier, the Oil prices moved on higher side as oil supplies to Hungary via Druzbha oil pipeline has been suspended temporarily due to a fall in pressure. The U.S API report showed a drop-down in Oil stocks level by 5.385 mbpd against the expected fall of 0.400mbpd. As seen in the chart, the Oil is trading within the tight range of Moving Averages & hence, either side breakout may be expected for the day.

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Daily Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 91.52000
R2 88.29000
R1 86.47000
Turnaround 85.06000
S1 83.24000
S2 81.83000
S3 78.60000
By Research Team Thursday, Nov 17, 2022
AUD/USD

    • 10.25amD1
    • High0.67482
    • Low0.66971
    • Close0.67115

AUD/USD is trading at 0.67066, 0.01% down since previous day close. The Aussie turned slightly on lower side against the steady USD after uncertainty looms over FOMC’s upcoming monetary decision in the month of December. Last week, an optimism over chances of slowdown in aggressive rate hike stance in next Fed meeting led buying pressure in major currency pairs. On data front, the Australia’s employment figure showed an improvement as compared to previous reading which might remain supportive for AUD/USD to some extent. As seen in the chart, the pair AUD/USD is hovering near Fibo level 61.8 which acts as major resistance level & hence, the cautious trading may be recommended further.

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Daily Outlook

AUD/USD

Intra Day
Near Day

Technical Levels

R3 0.68967
R2 0.68235
R1 0.67812
Turnaround 0.67503
S1 0.67080
S2 0.66771
S3 0.66030
By Research Team Thursday, Nov 17, 2022
GER30

    • 10.42amW1
    • High14279
    • Low14240
    • Close14258

GER30 is trading at 14247.3, 0.06% up since previous close. The mixed trading can be seen in global markets after Ukrainian President dispelled about Russian led missile seems which stroke Poland. Earlier, the market turned higher after improved CPI rate resulted into chances of less aggressive rate hike stance in next Fed meeting. The German ZEW Economic Sentiment fell by 36.7 much lower than previous figure 59.2 which widely cushioned the index GER30. Improving economic conditions may remain supportive for GER30 on long run. As seen in the chart, the index reversed up after forming double bottom & also, the RSI line moved up from lower level 30. Strong breakout can be expected if breached further for the day & hence, buying on dips may be suggested.

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 14691.00000
R2 14488.00000
R1 14371.00000
Turnaround 14285.00000
S1 14168.00000
S2 14082.00000
S3 13879.00000
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