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Silver Pressured Mid-$29.00s; USD/JPY Dips on Japan's Caution; QQQ Climbs on Tech Gains.

By Research Team Friday, Jul 19, 2024
USD/JPY

    • 11.30amD1
    • High157.8600
    • Low156.9500
    • Close157.2900

USD/JPY is trading at 157.41, 0.03% up  since previous day close. In Asian trade on Friday, the USD/JPY is sliding below 157.50 as the Japanese Yen strengthens in response to government warnings. But ahead of Fedspeak, the US dollar is strong overall and US Treasury bond yields are rising. The US Treasury yield curve is somewhat higher, which helps the US dollar. The data indicates that there is currently negative momentum; the nearest support is at 155.35, and the closest resistance is at 158.65.

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Daily Outlook

USD/JPY

Intra Day
Near Day

Technical Levels

R3 161.8300
R2 159.4400
R1 158.6500
Turnaround 156.7200
S1 155.3500
S2 154.5700
S3 151.8100
By Research Team Friday, Jul 19, 2024
US100

    • 11.35amD1
    • High19795.00
    • Low19575.00
    • Close19654.00

US100  is trading at 19643, 0.50%  down since previous day close. After yesterday’s steep sell-off, optimistic predictions from mega caps and Taiwan Semiconductor Manufacturing are leading U.S. markets toward a mostly favorable morning. Netflix is expected to start the quarter somewhat higher than expected. Concerns about inflation reduced US demand. With today’s gap down opening, the market outlook is negative. 19581 provides the strongest backing. If it breaks and reaches 19451, 19994 will be the resistance.

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Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 20619.00
R2 20419.00
R1 19994.00
Turnaround 19891.00
S1 19581.00
S2 19451.00
S3 19216.00
By Research Team Friday, Jul 19, 2024
SILVER

    • 11.40amD1
    • High29.83
    • Low29.19
    • Close29.32

SILVER  is trading at 29.33, 1.68%  down since previous day close. For the third day in a row, silver is still seeing selling pressure on Friday, and during the Asian session, it reaches a two-and-a-half-week low. Recent market mood was influenced by pessimism about industrial demand in China, the world’s largest consumer, which put pressure for silver and other metals. Given today’s gap-down opening and the negative outlook for the market, the nearest support is at 29.14, and the highest resistance is at 30.61.

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Daily Outlook

SILVER

Intra Day
Near Day

Technical Levels

R3 31.77
R2 31.44
R1 30.61
Turnaround 30.35
S1 29.14
S2 28.53
S3 28.08
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