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

A Short Term Outlook: XAU/USD (Gold)

Gold moves in rigid boundaries on Monday and consolidates around $1,922 mark. Today U.S. Fed Chair Powell is due to speak about the economic outlook at the National Association for Business Economics Annual Economic Policy Conference, in Washington DC. The event will take place around at 1400 GMT/1930 IST. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy.

On the other end, Russia – Ukraine topic is on the table. Just dicsussions and sanctions are going on from both the parties, but no concusion has come.

Let’s have a look on key headlines:

  • Zelensky calls on Europe to halt all trade with Russia.
  • More than 225,000 refugees from Ukraine recorded in Germany so far.
  • PM Morrison expressed understanding for India’s position on Ukraine: FS Shringla on PM Modi’s talks with his Australian counterpart.
  • Kremlin says peace talks with Ukraine yet to yield breakthrough.
  • Chinese foreign ministry, on ukraine crisis, says Chinese Red Cross to offer additional 10 mln yuan of humanitarian assistance to Ukraine.
  • US President Joe Biden’s warning of “consequences” for any aid China may give to Russia’s Ukraine war effort could force Chinese President Xi Jinping to choose between a longstanding lucrative trade relationship with the West and a growing strategic partnership with Moscow.
  • Ukraine rejects Russian demand for surrender in Mariupol.

Technical View:

XAU/USD (GOLD):

  • Gold trades in rigid boundaries but remains well supported above $1,920 mark.
  • Today pair made intraday high at $1,928 and low at $1,918 mark.
  • A triple EMA on a day chart is up and H1 chart suggests down trend for the time being.
  • A sustained close above $1,932 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,918 will check further supports.
Supports
Resistances
$1,918
$1,932
$1,911
$1,938
$1,906
$1,942
$1,899
$1,948
$1,891
$1,955

 
Take a look and do trade wisely!
Good Luck

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