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Gold Edges Higher While Indices Remain Range Bound

By Research Team Friday, Jan 20, 2023
NZD/USD

    • 9.12amw1
    • High0.64245
    • Low0.63914
    • Close0.6416

NZD/USD is trading at 0.64177, 0.02% up since previous day close. An upside resumed in Kiwi post correction seen in the previous trading session. On data front, the New Zealand’s Business NZ Manufacturing Index remained steady at 47.2 while the Visitor Arrivals grew by 43.1% from 6.8% in the prior month. On global front, the soft USD over chances of smaller interest rate hikes in the next Fed meeting led buying bias in the other basket of currencies. Improving Chinese economic conditions & easing down of Covid-19 restrictions further pushed up NZD/USD. As seen in the chart, the pair is strongly trading above the short term Moving Averages & further upside may make the pair to test MA (100) & MA (200).

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Daily Outlook

NZD/USD

Intra Day
Near Day

Technical Levels

R3 0.657
R2 0.64865
R1 0.64407
Turnaround 0.6403
S1 0.63572
S2 0.63195
S3 0.6236
By Research Team Friday, Jan 20, 2023
JAP225

    • 9.30amw1
    • High26443
    • Low26303
    • Close26433

JAP225 is trading at 26373.8, 0.08% up since previous close. A slight upside can be seen in Asian shares on Friday amid mixed cues over interest rate hike stance in the Fed’s next meeting. Earlier, the U.S issued weaker Retail Sales data which dragged down the global markets. Globally, ongoing corporate earnings further contribute positive outlook in equity markets. The Bank of Japan (BoJ) left an interest rate steady at -0.10% & maintained its long term bond yields curve which slightly subdues the YEN & JAP225 as well. The Japan’s National Core CPI grew by 4.0% from 3.7% in the previous month. As seen in the chart, the index is trading within the sideways channel pattern & if took a support at lower trend-line, then a sharp move can be seen on higher side.

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Daily Outlook

JAP225

Intra Day
Near Day

Technical Levels

R3 27033
R2 26698
R1 26498
Turnaround 26363
S1 26163
S2 26028
S3 25693
By Research Team Friday, Jan 20, 2023
GOLD

    • 9.48amw1
    • High1934.9
    • Low1928.39
    • Close1928.89

Gold is trading at $1929.05, 0.19% up since previous close. The higher highs can be seen in Gold prices on weekly basis as buying interest are growing up in commodity markets amid global cues. The mixed USD post release of soft U.S Retail Sales data & strong U.S Jobless Claims figures maintained an upside in precious metals. The Gold rallied on an account of better Chinese GDP figures, opening up of Chinese restrictions & lockdowns & rising chances of U.S smaller rate hikes in near term & improving labor data. The traders will be looking forward to the FOMC members’ speech today. As seen in the chart, a consistent upside in Gold makes the commodity to test the previous high of $1980 levels on short term basis.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 1991.03
R2 1956.83
R1 1944.28
Turnaround 1922.63
S1 1910.08
S2 1888.43
S3 1854.23
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