Today’s forex newsletter looks quite interesting
Gold Faces Limited Upside Amid Strong US Dollar and Inflation Concerns
Gold (XAU/USD) shows moderate gains on Friday following earlier sell-offs, but upside remains capped as investors await the US PCE inflation data. A stronger-than-expected reading could heighten concerns over higher inflation, strengthening the US Dollar and pressuring gold prices. US Treasury yields also remain elevated.
DXY (Yesterday given Buy above107.800 all target done)
Buy around 107.800
Stop loss below 107.500
Target 108.100–108.400
XAUUSD
Sell around 2603
Stop loss above 2608
Target 2598–2592
XAGUSD
Sell around 28.85
Stop loss above 29.00
Target 28.70–28.55
USOIL (Yesterday given Sell around 69.80 all target done)
Sell around 68.50
Stop loss above 69.50
Target 67.50–66.50
COPPER (HG1)
Sell around 4.0800
Stop loss above 4.1125
Target 4.0500–4.0200
NASDAQ
Sell around 21100
Stop loss above 21200
Target 21000–20900
S&P 500 E-Mini (Yesterday given Buy around 5980 first target done)
Sell around 5890
Stop loss above 5910
Target 5870–5850
Top pick (Yesterday given NZDUSD Sell below 0.56500 all target done)
USDJPY
Sell around 156.700
Stop loss above 157.00
Target 156.400–156.100
That’s all for today’s forex newsletter
Until then, Happy Trading!
Commodity Samachar Securities
We Decode the Language of the Markets
Also Read: Today’s PCE Data: What It Means for Gold Prices
Recommended Read: 2024 G20 Summit: Did It Deliver on Market Expectations?
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