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A Short Term Outlook: XAU/USD (Gold); April 11, 2022

A Short Term Outlook: XAU/USD (Gold)

Today’s U.S. Session will remain almost empty as no key indicators have scheduled to release. Today U.S. FOMC member Bowman is due to speak at 1330 GMT/1900 IST on opening remarks at a FedListens event. Traders eye U.S. CPI & Core CPI data due tomorrow for the further directions of the U.S. dollar and gold too.

Let’s check out key headlines from Russia –Ukraine:

  • Ukraine’s armed forces braced on Monday for a new Russian offensive as powerful explosions rocked cities in the south and east, while Austria’s leader planned to meet Russian President Vladimir Putin and call for an end to the conflict.
  • Ukrainian forces are preparing for a “last battle” to control the southern port of Mariupol, besieged by Russians since the invasion, marines in the city said on Monday.
  • EU states give 2.5 million euros to ICC for Ukraine war crimes.
  • With blocked Black Sea ports, Ukraine is able to export 6,00,000 tonnes of grain and oilseeds a month, but may increase export capacity to 2 million tonnes, Ukrainian traders union UGA said on Monday. (Reuters).
  • A showdown looms in Ukraine as Russia appointed a new military commander and looked to concentrate its attacks on the eastern part of the country, while Ukraine’s president said his troops will hold their ground, and urged Western leaders, in particular President Joe Biden, to do more.
  • US Secretary of Defense Lloyd J Austin III on Sunday spoke to the Ukrainian troops training in the United States who are returning home.
  • Ukraine economy to contract 45.1% this year, Russia 11.2%: World Bank.

source:Times of india

Technical View:

XAU/USD (GOLD):

  • Gold strengthens sharply on Monday and hits highest level since March 25, 2022.
  • Today pair made intraday high at $1,961 and low at $1,940 mark.
  • A triple EMA on a day chart and H1 chart suggest up trend for the time being.
  • A sustained close above $1,965 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,948 will check further supports.
SUPPORTS RESISTANCES
$1,948 $1,967
$1,941 $1,972
$1,936 $1,978
$1,930 $1,984
$1,926 $1,989

 

Take a look and do trade wisely!
Good Luck

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