Technical My Tips

📊 Gold price remains elevated amid rising tensions and rate cut hopes The gold (XAU) price rose 0.19% yesterday and continued to trade near all-time highs as safe-haven demand increased due to geopolitical risks in the Middle East. 👉 Possible effects for traders Apart from the ongoing tensions in the Middle East, growing investors' optimism about the upcoming reduction in U.S. interest rates gave gold an additional boost. Indeed, after the Federal Reserve (Fed) Chair Jerome Powell signalled an imminent start to policy easing, traders have priced in almost 100 basis points (bps) worth of rate cuts by the end of this year. Traditionally, gold has been used as a hedge against geopolitical risks, and it tends to rise in a low-interest-rate environment. Moreover, there is also a structural demand on the part of central banks. ‘There might be some indication that China is going to come back in, but even if they don't, demand from central banks has been pretty robust regardless of price this year, and that's going to continue’, said Peter A. Grant, Vice President and Senior Metals Strategist at Zaner Metals. XAUUSD was essentially unchanged during the Asian and early European trading sessions. Today, traders should watch the U.S. CB Consumer Confidence Index (CCI) report due at 2:00 p.m. UTC. According to the U.S. Bureau of Economic Analysis, personal consumption expenditures represented nearly 68% of the U.S. Gross Domestic Product (GDP) in Q2 2024. Thus, consumer sentiment changes may affect the Fed's interest rate decisions. The market expects the CCI to rise towards 100.7. Lower-than-expected figures will likely exert additional bearish pressure on the U.S. Dollar Index (DXY) and may push gold prices higher. However, a stronger rise in consumer confidence may bring XAUUSD down, possibly towards $2,500. ‘Spot gold may retrace to $2,489’, said Reuters analyst Wang Tao. Sign Up Now ➡️https://bit.ly/attocta

📊 EURUSD trades sideways, awaiting new data EURUSD moved sideways within a range of 1.11500–1.12000 on Monday as the market awaited the next key data release later this week. Also, tensions in the Middle East partially offset investors' optimism for imminent U.S. interest rate cuts. 👉 Possible effects for traders The U.S. Durable Goods Orders data rose 9.9% in July instead of the expected 4%, giving the U.S. dollar (USD) some support. However, major currencies remained near their respective all-time highs, and the U.S. Dollar Index (DXY) remained near its lowest point in over a year. The possibility of a reduction in U.S. interest rates in September put downward pressure on the greenback following a statement by Federal Reserve (Fed) Chairman Jerome Powell. He hinted at a possibility of a soon rate cut at his speech in Jackson Hole on Friday. The question is no longer whether the Fed will reduce interest rates in September but rather by how much, according to David Chao, global market strategist at Invesco for Asia-Pacific, excluding Japan. EURUSD continued to move within 1.11500–1.12000 today. Market participants will be awaiting the U.S. Consumer Confidence data release at 2:00 p.m. UTC. The market expects the confidence index to be at 100.9. If the data exceed expectations, it may lead to a pullback in EURUS towards the 1.11400 support level. If the data falls short of expectations, it could ignite some bullish momentum and push the pair towards the 1.12000 resistance level. Sign Up Now ➡️https://bit.ly/attocta

📊 EURUSD trades sideways, awaiting new data EURUSD moved sideways within a range of 1.11500–1.12000 on Monday as the market awaited the next key data release later this week. Also, tensions in the Middle East partially offset investors' optimism for imminent U.S. interest rate cuts. 👉 Possible effects for traders The U.S. Durable Goods Orders data rose 9.9% in July instead of the expected 4%, giving the U.S. dollar (USD) some support. However, major currencies remained near their respective all-time highs, and the U.S. Dollar Index (DXY) remained near its lowest point in over a year. The possibility of a reduction in U.S. interest rates in September put downward pressure on the greenback following a statement by Federal Reserve (Fed) Chairman Jerome Powell. He hinted at a possibility of a soon rate cut at his speech in Jackson Hole on Friday. The question is no longer whether the Fed will reduce interest rates in September but rather by how much, according to David Chao, global market strategist at Invesco for Asia-Pacific, excluding Japan. EURUSD continued to move within 1.11500–1.12000 today. Market participants will be awaiting the U.S. Consumer Confidence data release at 2:00 p.m. UTC. The market expects the confidence index to be at 100.9. If the data exceed expectations, it may lead to a pullback in EURUS towards the 1.11400 support level. If the data falls short of expectations, it could ignite some bullish momentum and push the pair towards the 1.12000 resistance level. Sign Up Now ➡️https://bit.ly/attocta

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EURUSD, 1-hour timeframe chart EURUSD retested the support level of 1.11630 👉Level explanation EURUSD has been under selling pressure within the last couple of hours. 👉Possible scenario The best way to use this opportunity is to place a Buy order at 1.11650. Set your stop loss at 1.11450 below the previous low ($2.00 loss for 0.01 lot) and take profit at 1.11950 ($3.00 profit for 0.01 lot). The risk-reward ratio for this order is 1:1.5. 👉Fundamental factors The U.S. Durable Goods Orders report will be released in a few minutes and could affect this trade. Start investing easily with our user-friendly platform—perfect for newcomers to finance. Sign Up Now ➡️https://bit.ly/attocta

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💫 Market Metrics: Weekly Roundup ⭐ Sensex: 81,086.21 ⬆️ ⭐ Nifty 50: 24,823.15 ⬆️ ⭐ Nifty Bank: 50,933.45 ⬆️ ⭐ Nifty Smallcap 100: 19,079.25 ⬆️ ⭐ Nifty Midcap 100: 58,555.30 ⬆️ ✨ Market Performance Key Takeaways For The Week 🌟 A favourable global sentiment and broader participation marked the second consecutive week of recovery with Nifty settling at 24820, marking a gain of 1% for the week and a modest comeback of bulls. 🌟 With a strong foundation and bolstered market sentiment, Nifty may conquer another bearish gap around 24850-24950 but it would be a challenging task.  🌟 Market participants should stay vigilant, as market is likely to perform well if there are no aberrations from the global side. There is a possibility that benchmarks would be propelled into uncharted territory in case of contributions from the banking sector. 🌟 BANKNIFTY gained good ground and shrugged off sluggishness as momentum was gained midweek. A wait-and-watch is advised as 50700-50800 serves as an immediate support zone  while initial resistance is likely at 51100-51200, and further resistance at 51750-51850 …………………………………………………………………………………………………………………………………………………….. ✨ News Highlights For The Week 🌟 French sporting goods firm Decathlon plans to invest Rs 933 crore in India over the next five years. The firm, which posted a revenue of around Rs 4,000 crore in the country in FY24, added that it plans to double this figure in that period.  🌟 Air India was fined Rs 99 lakh for operating a flight last month with unqualified pilots. The fine was imposed by the Directorate General of Civil Aviation, which described the incident as having “significant safety ramifications”. 🌟 India may retract its decision to demand a payment of $4 billion from Infosys in back taxes after weeks of lobbying by the IT giant and an onslaught of criticism from the software services industry. 🌟 Adani Power has $800 million in unpaid dues from Bangladesh, where a students-led protest movement recently ousted Sheikh Hassina’s government 🌟 Indian snacks manufacturer Bikaji has acquired 55 percent stakes in Ujjain-based Ariba Foods  ————————x——————— Open Free Demat Account Now: https://bit.ly/tltangelone Sources: Angel One Research |FE | BS | BS |  ET | ET Date: August 23, 2024