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Market Update: Gold Below Highs Before Powell; USD/JPY Steady at 142.50; Europe Cautious on Autos.

By Research Team Monday, Sep 30, 2024
USD/JPY

    • 11.30amD1
    • High142.83
    • Low141.66
    • Close141.78

USD/JPY is trading at 141.75, 0.28% down since previous day close. After being rejected around 143.00, the pair is currently trading at about 142.50 in Asian trading on Monday. As investors make assumptions about Japan’s impending snap election, negative Japanese equities pull the pair down. Still, a mixed set of data from Japan and a surge in Chinese stocks limit the pair’s losses. The pair is trading below the 50-day moving average, indicating a bearish trend, based on technical analysis. 140.33 is the nearest support.

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Daily Outlook

USD/JPY

Intra Day
Near Day

Technical Levels

R3 149.48
R2 148.13
R1 146.5
Turnaround 142.65
S1 140.33
S2 138.81
S3 136.95
By Research Team Monday, Sep 30, 2024
GER30

    • 11.35amD1
    • High19491
    • Low19440
    • Close19450

GER30 is trading at 19429, 0.04% down since previous day close. On Monday, the final day of September, European stock markets fell as traders took in a number of regional economic reports and the varying results of the flagship Asian indices. As a result of profit warnings from the fourth and fifth-largest automakers in Europe, auto names have declined, and major European share indices opened marginally down on Monday. The selling is underway on the 4-hour chart. The nearest available support is 19257.

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 19885
R2 19703
R1 19509
Turnaround 19193
S1 18950
S2 18663
S3 18371
By Research Team Monday, Sep 30, 2024
GOLD

    • 11.40amD1
    • High2665
    • Low2647
    • Close2657

XAU/USD is trading at 2656, 0.02% down since previous day close. Powell’s speech is anticipated, but the gold price is still limited in a range below its all-time high. A slew of stimulus announcements from China are believed to be driving up investor demand for riskier assets, which is good news for the precious metal.  The daily chart’s (RSI) is still in the vicinity of the overbought zone, according to the examination of the daily chart. The trading range for the pair is consolidating. 2684 is the closest resistance.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2723
R2 2720
R1 2684
Turnaround 2662
S1 2641
S2 2584
S3 2543
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