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Don’t Be Disappointed By Rigid Gold Movement; Either Covid or Omicron, Market will Find Its Own Path To Move Forward; Dec 09, 2021

Don’t Be Disappointed By Rigid Gold Movement; Either Covid or Omicron, Market will Find Its Own Path To Move Forward

Today Gold remains almost unchanged and moves in rigid boundaries from $1,787 to $1,781 mark. Today’s U.S. calendar is almost empty but U.S. unemployment Claims Weekly data will provide further directions to the parity.

Let’s have a look on Market Moving Headlines for the Day:

  • Australia’s Deputy Prime Minister has tested positive for coronavirus after arriving in the U.S. on an official visit. Barnaby Joyce said he believed he had been infected while visiting the U.K. earlier this week.
  • Fresh COVID restrictions are being implemented in across U.K. after the government implemented its ‘Plan B’ in response to the emergence of the Omicron variant.
      1. Reintroducing guidance to work from home, if you can, from 13 December.
      2. Legally mandating face masks in “most public indoor venues”, including theatres and cinemas from 10 December, with exceptions “where it’s not practical, including while eating, drinking, exercising or singing”.
      3. NHS COVID passes for nightclubs, unseated indoor venues with more than 500 people, unseated outdoor venues with more than 4,000 people, and any venue with more than 10,000 people.
      4. Daily testing for people identified as a contact of a coronavirus case – with isolation required only for people who test positive.
      5. Face masks were already a legal requirement in shops, banks, post offices, hairdressers and on public transport in England as of 30 November.

  • Oil Prices down after measures taken by some governments to slow the spread of the Omicron coronavirus variant.
  • The Democratic-controlled U.S. Senate on Wednesday approved a Republican measure that would overturn President Joe Biden’s COVID-19 vaccine – or – test mandate for private businesses, with two Democrats joining Republicans to back the initiative.

Technical View:

XAU/USD (Gold):

  • The Gold moves in rigid boundaries and remains well supported above $1,780 mark.
  • Today pair made intraday high at $1,781 and low at $1,787 mark.
  • A day chart and H1 chart with triple EMA suggest down trend for the time being.
  • A sustained close above $1,789 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,781 will check further supports. U.S. Calendar is almost empty for the day.
SUPPORTS RESISTANCES
$1,781 $1,792
$1,776 $1,799
$1,772 $1,804
$1,764 $1,809
$1,758 $1,814

Take a look and do trade wisely!
Good Luck

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