Morning Briefing 31 May 2023: Gold Rises on Debt Ceiling Vote

US Consumer Confidence fell to 102.3 from an upwardly revised 103.7 in April 2023.

Sentiment data failed to fuel volatility as the market remained focused on the US debt ceiling.

President Biden and House Speaker McCarthy reached an agreement to suspend the debt limit for several years and await today's critical vote in Congress.

Investors are also focusing on JOLTS OPENING data tonight.

Calendar:

EURUSD

Euro strengthened against the US dollar The key was the US debt ceiling decision at the US congress today.

Support : 1.0689

Resistance : 1.0734

BUY : 1.07180

T/P : 1.07631

S/L : 1.06991

GBPUSD

Sterling strengthened against the US dollar

Support 1.2344

Resistance 1.2463

BUY: 1.23948

T/P: 1.24631

S/L: 1.23641

AUDUSD

Aussie dollar weakened against the US dollar amid uncertainty and the US debt ceiling and weakness in China's economic data.

Support : 0.6438

Resistance : 0.6550

BUY: 0.678.6

T/P: 0.65828

S/L: 0.64792

USDJPY

Yen strengthened against the US dollar.

Support 139.251

Resistance 140.229

SELL: 140.091

T/P: 139.457

S/L: 140.414

XAUUSD

Gold rose, due to uncertainty over the voting results in congress regarding the US Debt Ceiling.

Support : 1941.00

Resistance : 1971.00

BUY: 1951.50

T/P: 1983.53

S/L: 1940.00

Crude Oil (WTI)

Oil prices fell after Russian Deputy PM Alexander Novak played down the prospect of further OPEC+ production cuts at a meeting next week.

Support 67.98

Resistance 72.24

SELL: 70.060

T/P: 67.891

S/L: 72.224