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Daily Technical Analysis March 14th 2024
14 Mar, 2024
5 minutes
Daily Technical Analysis March 14th 2024
1. GBP/USD Analysis:
News Summary:
HSBC economist said in a report that although UK GDP increased by 0.2% in January, it is too early to judge whether the UK economy has emerged from stagnation. The UK still appears to be facing a prolonged period of weak productivity, so the economic recovery may be hampered. Additionally, January's strong construction sector may partly reflect the fading effects of severe weather in the fourth quarter of last year. The continued improvement in PMI data shows that the British economy is expanding at a good pace, especially in the service industry.
Trend Analysis:
We can see GBP/USD fluctuated and rebounded and ran near the 48 hours moving average on H4 chart. In addition, the MACD double line and energy column began to converge near the zero axis. The sell limit can be placed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1.2700]
Key Resistance Levels: [1.2900]
Pivot Points [1.2850]
2. Gold Analysis:
News Summary:
Both the annual and monthly rates of US core CPI exceeded market expectations. Rising housing and gasoline costs were the main factors pushing both inflation measures higher, and together they accounted for more than 60% of the index's monthly gains. Before the CPI data was released, some institutions had warned that if the US CPI data, especially the core indicators, were stronger than expected, the recent sharp rise in gold prices may face the risk of a correction.
Trend Analysis:
We can see gold rebound encountered resistance and is still running above the 48 hours moving average on H4 chart. Additionally, the MACD double line and the energy bar began to converge near the zero axis. In short term, the sell limit could be used, stop loss is compulsory.
Today's Key Price Levels:
Key Support Levels: [2148]
Key Resistance Levels: [2190]
Pivot Points [2183]