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Nasdaq Up, EUR/USD Steady, Gold Falls Before US Data & Eurozone PMIs; Fed Minutes Awaited

By Research Team Thursday, Aug 22, 2024
EUR/USD

    • 11.30amD1
    • High1.1156
    • Low1.1139
    • Close1.1140

EUR/USD is trading at 1.1146, 0.03% down since the previous day’s close. The European session sees some slight bearish pressure on EUR/USD. The composite PMI fell to 48.5 in August’s flash estimate from 49.1 in July, according to German data, which damaged the euro. Markets watch the US and EU PMI data. Today’s bearish trend is suggested by a gap down opening. The market is in an overbought area, which may lead to some selling. 1.1094 and 1.1173 are the nearest points of support and resistance.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.1244
R2 1.1221
R1 1.1173
Turnaround 1.1141
S1 1.1094
S2 1.1019
S3 1.0980
By Research Team Thursday, Aug 22, 2024
US 100

    • 11.35amD1
    • High19870.00
    • Low19794.00
    • Close19840.00

US 100   is trading at 19833, 0.05% down since the previous day’s close. As investors processed a flurry of economic data from significant European economies and looked ahead to the Federal Reserve’s Jackson Hole meeting later in the day, European shares gained on Thursday. On Friday, Chair Jerome Powell will give the keynote address. Daily chart analysis shows that the market is just above the 50-day moving average, indicating that the uptrend is continuing. 19445 is the closest support, and 19911 is the closest resistance.

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Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 20783.00
R2 20424.00
R1 19911.00
Turnaround 19735.00
S1 19445.00
S2 18991.00
S3 18529.00
By Research Team Thursday, Aug 22, 2024
GOLD

    • 11.40amD1
    • High2514.00
    • Low2499.00
    • Close2502.00

XAU/USD is trading at 2507, 0.14% down since previous day close. The goal of the gold price in Thursday’s Asian session is to build on the previous correction. Preliminary S&P Global Business PMI data, which could provide new insight into the US Federal Reserve’s interest-rate stance, causes gold dealers to engage in profit-taking. The previous day’s dragonfly doji candle gave rise to a downtrend, suggesting that the trend may reverse, according to daily chart analysis. 2492 is the nearest service.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2560.00
R2 2532.00
R1 2522.00
Turnaround 2508.00
S1 2492.00
S2 2449.00
S3 2430.00
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