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A Short Term Outlook: XAU/USD (Gold); May 10, 2022

A Short Term Outlook: XAU/USD (Gold)

Today’s U.S. session is empty for the day but it doesn’t mean that in the absence of the U.S. key Economic Indicators, there will not be enough volatility in to the FX market. As several times we have observed that FX market remained highly volatile with the absence of U.S. key fundamental too. So just be attentive during U.S. session and especially for gold too to capture the best volatility.

Today U.S. FOMC member Waller is due to speak (1700 GMT/2230 IST) at the Economic Club of Minnesota. Audience questions expected. Any comments regarding future monetary policy may bring volatility into the U.S. dollar.

Let’s not forget about rising Covid cases in China at one side and still ongoing Russia – Ukraine conflicts at the other. As we can see that Ukraine gets support from UN, EU, U.S., U.K. and many more global platforms but Russia is not a country to set back without trying to achieve its aim for Ukraine’s invasion. Russia may come up with something bigger surprise for the world and likely to achieve its goal to take control over Ukraine by hook or by crook.

Technical View:

XAU/USD (Gold):

  • Gold moves in rigid boundaries since early European hours and consolidates around $1,860 mark.
  • Today pair made intraday high at $1,865 and low at $1,852 mark.
  • A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
  • A sustained close above $1,867 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,852 on H1 chart will test further supports.
Supports
Resistances
$1,852
$1,867
$1,847
$1,872
$1,842
$1,878
$1,836
$1,884
$1,831
$1,889

 

Let’s have a quick view on Russia – Ukraine latest updates:

  • Kyiv mayor says nearly two-thirds of residents have returned.
  • Russia behind cyberattack against satellite internet modems in Ukraine – EU.
  • Ukraine’s Zelenskyy says sixth package of EU sanctions against Russia needed.
  • Cyberattack knocks out Russian video platform Rutube.
  • Russia’s Rutube video platform remained offline for a second day on Tuesday, after a massive cyberattack knocked it out just hours before it was to stream the Victory Day parade in Moscow.
  • German FM Baerbock visits Bucha on surprise Ukraine visit: AFP.
  • Ukraine’s central bank will allow foreign investors in domestic bonds to transfer abroad their income received from the bonds after April 1 next year, the bank has said.
  • Germany faces deep recession if Russian gas supplies are cut: Economist.
  • In another step forward in building pressure on Russia, EU chief Ursula von der Leyen said she made “progress” on a proposed Russian oil embargo during talks with Hungarian Prime Minister Viktor Orban.
  • Biden, speaking at a political fundraiser in a Washington suburb, said Putin had mistakenly believed the invasion of Ukraine would break up NATO and break up the European Union.
  • Biden worries Putin ‘does not have a way out’.
  • Ukraine’s President said on Monday that trade at the country’s ports was at a standstill and urged the international community to take immediate steps to end a Russian blockade to allow wheat shipments and prevent a global food crisis. (Reuters).

Source: Timesofindia

Take a look and do trade wisely!
Good Luck

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