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A Short Term Outlook: Gold (XAU/USD); Feb 21, 2022

A Short Term Outlook: GOLD (XAU/USD)

Today’s U.S. session is empty as U.S. banks will be closed in observance of Presidents’ Day. On the other end, Russia – Ukraine tension will remain in focus. Biden – Putin summit is due on Thursday and traders are eagerly waiting for the outcome of the sumit.

Important Headlines for the day:

  • The Kremlin said there were no concrete plans for a summit over Ukraine between Russian President Vladimir Putin and his U.S. counterpart Joe Biden, after the French president said the two leaders had agreed a meeting in principle – Reuters.
  • British Prime Minister Boris Johnson will today set out plans to scrap coronavirus restrictions as part of a ‘living with COVID’ strategy that aims to achieve a faster exit from the pandemic than other major economies – Reuters.
  • Talks in Vienna on reviving the 2015 nuclear deal between Iran and world powers have made “significant progress” , Separately, Iran’s top security official Ali Shamkhani said talks with European negotiators were ongoing and would continue while negotiations with the United States were not on the agenda because they would not be the source of “any breakthroughs” – Reuters.

Technical View:

XAU/USD (Gold):

  • The Gold exhibits range bound movement in early U.S. Session.
  • Today pair made intraday high at $1,908 and low at $1,887 mark.
  • A day chart and H1 chart with triple EMA suggest up trend for the time being.
  • A sustained close above $1,904 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,886 on H1 will check further supports.
Supports
Resistances
$1,884
$1,899
$1,878
$1,904
$1,872
$1,909
$1,867
$1,915
$1,862
$1,918

Take a look and do trade wisely!
Good Luck

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