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A Short Term Outlook: XAU/USD (GOLD); Feb 23, 2022

A Short Term Outlook: XAU/USD (GOLD)

Today’s U.S. session will be calm as not a single indicato or the event from the U.S. has scheduled.

Let’s take a look on key headlines from the Ukraine – Russia:

  • Ukraine on Wednesday has started conscripting reservists aged 18-60 following a decree by President Volodymyr Zelenskiy, the armed forces said in a statement – Reuters.
  • Putin signed friendship treaties on Monday night with the so-called Donetsk and Lugansk people’s republics proclaimed by Russian-backed separatists in eastern Ukraine, in a move denounced as illegal by the West and met with immediate sanctions, including on Russian banks and a major new gas pipeline – Reuters.
  • Ukraine will introduce a nationwide state of emergency in which special restrictions will apply in order to keep the country calm and protect its economy amid fears of a Russian invasion, a senior Ukrainian security official said on Wednesday – Reuters.
  • Japan is imposing sanctions on Russia over its actions in Ukraine, Prime Minister Fumio Kishida said on Wednesday, terming Moscow’s moves an unacceptable violation of Ukrainian sovereignty and international law – Reuters.
  • Canadian Prime Minister Justin Trudeau on Tuesday announced a first round of economic sanctions on Russia a day after Moscow recognised the Ukraine separatist regions of Donetsk and Luhansk as independent – Reuters.
  • Satellite images show a new deployment of more than 100 military vehicles and dozens of troop tents in southern Belarus near the Ukraine border, a private U.S. company said – Reuters.

Technical View:

XAU/USD (Gold):

  • The Gold weakens slightly on Wednesday and slips back below $1,900 mark.
  • Today pair made intraday high at $1,901 and low at $1,889 mark.
  • A day chart is up and H1 chart with triple EMA suggest down trend for the time being.
  • A sustained close above $1,901 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,891 on H1 will check further supports.
Supports
Resistances
$1,886
$1,901
$1,881
$1,907
$1,876
$1,914
$1,872
$1,920
$1,867
$1,924

Take a look and do trade wisely!
Good Luck

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