GBP/USD is trading at 1.21726, 0.02% up since previous day close. The Sterling Pound seems to be trading in a tight range amid mixed global cues. The rising tension between Israel & Hamas overshadowed the positive effect emerged out of better Chinese economic data. On global front, the uncertain chances over interest rate decision in upcoming Fed meeting made other currencies volatile. The traders will be looking forward to the result of CPI data which will show the status of inflationary pressure. This may contribute in BoE’s monetary decision in future course of time. As seen in the chart, although the pair is trading below MA (10) & MA (20) yet it is still trading above the previous lows. Sideways trading may be recommended for the day in GBP/USD.
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Near Day |
R3 | 1.23408 |
R2 | 1.22581 |
R1 | 1.22180 |
Turnaround | 1.21754 |
S1 | 1.21353 |
S2 | 1.20927 |
S3 | 1.20100 |
CHNIND is trading at 6099.3, 0.02% up since previous close. The Chinese shares gained the momentum to some extent after China issued better than expected key economic figures. The Industrial Production grew by 4.5% above expectation 4.4% & the GDP rate increased by 4.9% against expected rise of 4.5%. Also, the Retail Sales grew by 5.5% against the previous figure 4.6%. However, the rising geo-political tension between Middle East regions amid a call-off of summit with U.S President Joe Biden & an attack over Gaza hospital killing may Palestinians. As seen in the chart, the index is hovering near MA (10) & MA (20) which indicates that a reversal can be seen if sustained otherwise a breakdown can be expected. The cautious trading may be recommended for the day.
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Near Day |
R3 | 6222.00000 |
R2 | 6154.00000 |
R1 | 6120.00000 |
Turnaround | 6086.00000 |
S1 | 6052.00000 |
S2 | 6018.00000 |
S3 | 5950.00000 |
Gold is trading at $1937.44, 0.22% up since previous close. The gold rallied amid rising tension between Israel & Hamas on an account of bombing at Gaza hospital & calling off a summit with U.S Joe President Joe Biden, for gold is a safe-haven instrument. Globally, uncertain chances of interest rate hike in next Fed meeting made the precious metals like gold & silver volatile. The traders & investors will be looking forward to the speech of FOMC officials which may focus on future monetary approach & hence, will remain vital for gold prices. As seen in the chart, the gold is trading not only above MA (100) & MA (200) but also above MA (10) & MA (20). This indicates a buying pressure at lower levels in gold for the day.
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Near Day |
R3 | 1961.29000 |
R2 | 1942.09000 |
R1 | 1933.39000 |
Turnaround | 1922.89000 |
S1 | 1914.19000 |
S2 | 1903.69000 |
S3 | 1884.69000 |
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