EUR/USD keeps the weekly range bound theme unchanged and now breaks below the key 1.0700 support on Friday.
Analysis
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Gold and Silver Strengthen Amid Festive Season [18-Oct-2022]
Gold and silver prices inched higher but were pinned below key support levels as markets feared more interest rate hikes by the Federal Reserve. A steep fall was witnessed in both gold and silver prices as data showed U.S. inflation will likely take much longer to cool than initially expected.
Euro Fall Back After ECB Rates Hikes by 75bps – GSR
It’s been another choppy session for European markets, dropping to their lows of the day in the aftermath of the ECB’s decision to hike rates by 75bps, and hawkish comments from Fed chair Jay Powell.
Gold Price Forecast Today: MCX Gold Trading Zone at Rs 50250—50950, Keep Eyes on ECB Monetary Policy
Gold Price Forecast Today: Gold gains ahead of the ECB meeting policy today where a 75bps rate hike is expected. Dollar index rally was overstretched and yesterday we saw some pullback in the safe haven currency and US 10 yr Treasury yield. This helped in all asset classes gaining some momentum on the upside including gold.
Nifty Poised For Bull Rally To 18,000-24,000, Say Two Technical Analysis
India’s Nifty 50 index has emerged from lows and is set for a rally that may go beyond 18,000 levels to as high as 24,000, according to technical analysis projections of two brokerages.
Rupee has come under Intense Selling Pressure
The rupee has come under intense selling pressure in recent weeks due to a perfect storm of global headwinds, which analysts believe will continue to pummel the Indian currency in the months ahead as well. Earlier in July, rupee tested record lows and breached the Rs 80 per US dollar level at least twice, recovering only after the Reserve Bank of India (RBI) stepped in to stem the depreciation. Since then, the rupee has regained some ground and has been trading in the 78.50-79.80 range. One of the reasons behind the rupee’s fall was strong demand.
Gold Price Forecast: Below $1744 Target Key Level $1735—$1720
Gold Price Forecast: Yellow Metal (XAU/USD) price drops for the fifth-consecutive day, set to finish the week down by 3%, triggered by sentiment shifting sour, while the US dollar reaches a five-week high against a basket of currencies. At the time of writing, gold is trading at $1746 a troy ounce.