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Gold Drops as USD Rises, USD/JPY Above 144, Wall St Gains on Fed Cut Hopes.

By Research Team Tuesday, Sep 24, 2024
USD/JPY

    • 11.30amD1
    • High144.1800
    • Low143.3600
    • Close144.1300

USD/JPY is trading at 144.45, 0.61% up since previous day close. Testing 144.00, the USD/JPY maintains its recent advances from Tuesday’s Asian session. Despite hawkish remarks from BoJ Ueda, the pair finally gains some traction on a bullish mood and a broad recovery in the US dollar. Investors are anticipating the governor of the Bank of Japan’s address today, during which he is anticipated to offer new guidance on the outlook for interest rates. For today, the pair has traded positively. 145.49 is the closest resistance.

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Daily Outlook

USD/JPY

Intra Day
Near Day

Technical Levels

R3 149.4200
R2 147.3600
R1 145.4900
Turnaround 143.7400
S1 141.6600
S2 139.2900
S3 137.5300
By Research Team Tuesday, Sep 24, 2024
US30

    • 11.35amD1
    • High42160.00
    • Low42085.00
    • Close42151.00

US30 is trading at 42228, 0.11% up since previous day close. US stocks rise little as a result of the massive interest rate drop last week by Fed policymakers. The gains built on the strong market surge from last week following the central bank’s decision to decrease interest rates. They occurred amid remarks made by Fed policymakers and stable manufacturing activity statistics. On a broader scale, however, the index showed positive trading. 42240 is the closest resistance, and 41441 is the closest support.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 43429.00
R2 42817.00
R1 42240.00
Turnaround 42022.00
S1 40684.00
S2 39981.00
S3 39214.00
By Research Team Tuesday, Sep 24, 2024
GOLD

    • 11.40amD1
    • High2640.00
    • Low2623.00
    • Close2627.00

XAU/USD is trading at 2629, 0.01% up since previous day close. The price of gold declines from its all-time high as demand for US dollars rises. Geopolitical risks, dovish Fed predictions, and the unpredictability of US politics to contain losses.  Increased US Treasury bond rates stimulate demand for the currency (USD), which in turn leads to some profit-taking in the commodity market. Technical perspective states that when the RSI hits 73, it indicates an overbought zone. The pair’s price may rise further. 2643 is the closest resistance.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2701.00
R2 2671.00
R1 2643.00
Turnaround 2625.00
S1 2546.00
S2 2510.00
S3 2471.00
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