How to trade Gold in the absence of U.S. Key Economic Indicators?
Today’s U.S. Session is almost empty but few FOMC members’ are scheduled to speak around 1600 GMT. Federal Reserve FOMC members vote on where to set the nation’s key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy. It might bring market volatility in to the FX markets and gold too.
XAU/USD (Gold): The Gold has started a new week on a positive note but the parity is faces key hurdle at $1,887 mark. The pair made intraday high at $1,887 and low at $1,875 mark. A day as well as H1 chart with triple EMA suggests bullish trend for the time being. The gold moves in rigid boundaries from $1,889 to $1,870 mark. A sustained close of either side will only provide further direction to the parity.
Key Resistances: $1,890, $1,896, $1,904, $1,910, $1,917
Key Supports: $1,872, $1,867, $1,862, $1,855, $1,848
Take a look and do trade wisely!