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A Short Term Outlook: XAU/USD (Gold); March 25, 2022

A Short Term Outlook: XAU/USD (Gold)

Today’s U.S. session will remain light as U.S. will release Revised UoM Consuemr Sentiment and Pending Home Sales data at the same time at 1400 GMT/1930 IST. There are 2 versions of this data released about 15 days apart – Preliminary and Revised. The Preliminary release is the earliest and thus tends to have more impact. While Pending Home Sales is a leading indicator of economic health because the sale of a home triggers a wide-reaching ripple effect. For example, renovations are done by the new owners, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction. Gold likely to have 8+ volatility at the time of fundamental news.

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

  • G7 restricting Russian Central Bank’s use of gold; U.S. imposes more curbs.
  • Ukraine defence ministry says Russian forces have partly succeeded in creating land corridor between Crimea and occupied Donetsk region.
  • UN senior human rights official says has received allegations of Russian forces killing civilians in cars during evacuations – reports Reuters.
  • Russia denies breaching international law with phosphorus bombs (AFP).
  • Ukraine urges EU to close Russia, Belarus borders to enforce sanctions.
  • Russia is preparing to attack Poland: Ukraine envoy.
  • Ukraine has retaken towns 35km east of Kyiv, says UK.
  • Hungary rejects Zelenskyy’s appeal for weapons.
  • Germany to end Russian coal imports by autumn: Ministry.
  • NATO condemns in the strongest possible terms Russia’s full-scale invasion of Ukraine – which is an independent, peaceful and democratic country, and a close NATO partner. The Alliance calls on President Putin to stop this war immediately, withdraw all his forces from Ukraine without conditions and engage in genuine diplomacy – NATO Website.

Source: Timesofindia

Technical View:

XAU/USD (GOLD):

  • Gold trades marginally lower on Friday and touches $1,949 mark.
  • Today pair made intraday high at $1,964 and low at $1,949 mark.
  • A triple EMA on a day chart and H1 chart suggest bullish 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 $1,968
$1,942 $1,972
$1,937 $1,978
$1,932 $1,984
$1,926 $1,989

 
Take a look and do trade wisely!
Good Luck

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