Gtag:

Gold remains highly volatile as JOLTS Job Opening Misses Expectations, Markets eye U.S. FOMC Meeting Minutes; July 07, 2021

U.S. FOMC Meeting Minutes

Traders eye the most important event for the day and that is U.S. FOMC Meeting Minutes. It’s a detailed record of the FOMC’s most recent meeting, providing in-depth insights into the economic and financial conditions that influenced their vote on where to set interest rates.

The Federal Reserve was hawkish during last FOMC by opening the door for reducing the asset purchases and increasing the interest rate earlier than previously expected. The concern is regarding the latest U.S. economic data which were released mixed in nature. The Fed governors always put emphasis on the economic indicators and economic recovery from the pandemic.

Let’s see how Gold has reacted during the previous data release:

May 19:

April 07:

Technical View:

XAU/USD (Gold):

  • Gold spikes down immediately after JOLTS Job opening Results and touches $1,797 mark.
  • The pair made intraday high at $1,809 and low at $1,793 mark.
  • A day chart is bearish trend while H1 chart with triple EMA suggests up trend for the time being.
  • A sustained close above $1,812 on H1 chart requires for the upside rally.
  • Alternatively, consistent close below $1,794 will check key supports.
SUPPORTS RESISTANCES
$1,789 $1,815
$1,784 $1,819
$1,778 $1,824
$1,772 $1,830
$1,767 $1,834

Take a look and do trade wisely!
Good Luck

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