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A Short Term Outlook: XAU/USD (Gold); May 05, 2022

A Short Term Outlook: XAU/USD (Gold)

Today’s U.S. session will remain light as few key indicators are scheduled to release but the U.S. session will remain interesting one as U.S. Fundamentals will give adequate volatility to the FX markets and gold too.

After the FOMC Meeting, gold traded sharply higher as Federal Reserve Chair Jerome Powell reiterated regarding flagged risks to the U.S. economy from rising inflation which took the U.S. dollar lower. In addition, Fed Chair Jerome Powell said that policymakers were ready to approve half-percentage-point rate hikes at upcoming policy meetings in June and July. Another FOMC statement to keep in mind is that, “A 75-basis-point increase is not something the committee is actively considering,” Powell told reporters during Press Conference. That made the market sentiments negative for an aggressive tightening policy path. Overall, Fed sounded a less hawkish tone which leads the U.S. dollar weak against major peers and gold higher.

Technical View:

XAU/USD (Gold):

  • Gold enjoys roller coaster movement and hovers around $1,900 mark.
  • Today pair made intraday high at $1,903 and low at $1,889 mark.
  • A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
  • A sustained close above $1,904 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,892 on H1 chart will test further supports.
SUPPORTS RESISTANCES
$1,886 $1,904
$1,881 $1,909
$1,876 $1,914
$1,870 $1,920
$1,864 $1,926

 

Take a look and do trade wisely!
Good Luck

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