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A Short Term Outlook: XAU/USD (Gold) March 23, 2022

A Short Term Outlook: XAU/USD (Gold)

Today’s U.S. calendar will remain light as U.S. will come up with the New Home Sales results at 1400 GMT/1930 IST. This indicator likely to give around $6+ volatility in Gold.

Let’s have quick updates on Russia – Ukraine:

  • President Putin Plans to Attend G20 Summit in Indonesia, Says Russian Ambassador.
  • Scholz Told Putin Not to Use Biological, Chemical Weapons in Ukraine.
  • Japan PM to Unveil More Support for Ukraine at G7 Summit.
  • Intense Russian air strikes hit the besieged Ukrainian port city of Mariupol and street fighting raged on Tuesday, a day after it rejected Moscow’s demand to surrender.
  • Veteran Russian reformer Anatoly Chubais, has left his post as President Vladimir Putin’s special representative for ties with international organisations, a source familiar with the matter told Reuters.
  • Ukraine Negotiator Says Russia Talks ‘Difficult’.
  • Zelensky Asks Japan to Step Up Sanctions Pressure on Russia.
  • The foreign ministers of Iran and Syria, two allies of Russia, will discuss the ongoing war in Ukraine and other developments during a meeting in Damascus Wednesday, Syria’s foreign minister Faisal Mekdad said.
  • Ukraine Urges West to Supply Offensive Weapons to Fight Russia.
  • Ukrainian President Volodymyr Zelenskiy will address the Swedish Parliament via video link at 0955 GMT on Thursday the Swedish Parliament said in a statement.

Source: Timesofindia

Technical View:

XAU/USD (GOLD):

  • Gold enjoys roller coaster movement and remains well supported below $1,930 mark.
  • Today pair made intraday high at $1,935 and low at $1,915 mark.
  • A triple EMA on a day chart is up and H1 chart suggests down trend for the time being.
  • A sustained close above $1,938 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,915 will check further supports.
Supports
Resistances
$1,915
$1,938
$1,908
$1,942
$1,904
$1,948
$1,898
$1,955
$1,891
$1,962

 
Take a look and do trade wisely!
Good Luck

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