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Tokyo Inflation Soars, USD/JPY Slips; Wall Street Rallies, Nvidia Falters; Gold Struggles Near $2,530 Ahead of US PCE Data.

By Research Team Friday, Aug 30, 2024
USD/JPY

    • 11.30am D1
    • High144.9300
    • Low144.6400
    • Close144.9200

USD/JPY is trading at 144.94, 0.01% up since previous day close. In Friday’s Asian trading, the USD/JPY is still under pressure below 145.00. Hot Tokyo annual CPI data, which supports hawkish BOJ predictions, serves as the foundation for the Japanese yen. However, the recent gain of the US dollar and an improved attitude limit the pair’s downside. US PCE was observed. A gap down opening indicates a downtrend for today, based on daily chart analysis. 146.50 is the closest resistance, and 143.39 is the closest support.

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Daily Outlook

USD/JPY

Intra Day
Near Day

Technical Levels

R3 151.0500
R2 149.4800
R1 146.5000
Turnaround 144.9200
S1 143.3900
S2 141.5800
S3 139.9400
By Research Team Friday, Aug 30, 2024
US 100

    • 11.35amD1
    • High19428.00
    • Low19341.00
    • Close19424.00

US 100   is trading at 19427, 0.16% up since previous day close. Wall Street gains following robust growth report. According to a study from the commerce department, robust consumer spending drove the U.S. economy to grow at a quicker rate than first predicted.  It’s possible that Nvidia is beginning to indicate a slowdown in its AI capital expenditures. The RSI reaches 52, indicating an upward trend, according to the analysis of the daily chart. 19113 is the closest support, and 19650 is the closest resistance.

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Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 20393.00
R2 19947.00
R1 19650.00
Turnaround 19386.00
S1 19113.00
S2 18832.00
S3 18560.00
By Research Team Friday, Aug 30, 2024
GOLD

    • 11.40amD1
    • High2524.00
    • Low2512.00
    • Close2514.00

XAU/USD is trading at 2516, 0.09% down since previous day close. Friday’s gold price dips to the 2,510s as demand for safe haven assets declines. Asian stocks have increased as market confidence improved in the wake of unexpectedly favorable US statistics that suggested a hard landing for the economy is unlikely. Since the US PCE inflation data could lead to a range breakout, the gold market is now in a consolidating period. The closest support is 2493, while the closest resistance is 2531.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2588.00
R2 2560.00
R1 2531.00
Turnaround 2517.00
S1 2493.00
S2 2449.00
S3 2420.00
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