Where Does Gold Move in the Absence of Key U.S. Economic Indicators?
Another empty calendar from the U.S. but later in the U.S. session many FOMC members are scheduled to speak on different economic subjects. In the latest speech from Biden, he commented on latest NFP Job Results. “The law is clear: if you’re receiving unemployment benefits and you’re offered a suitable job, you can’t refuse that job and just keep getting the unemployment benefits.” Biden added: “Let’s not take our eye off the ball. Families who are just trying to put food on the table, keep a roof over their head, they aren’t the problem.”
Today investing magnate Stanley Druckenmiller said, Fed policies could end up threatening the long-term health of the U.S. dollar. He also added that the Fed’s insistence on holding interest rates down and buying trillions in bonds even though markets are thriving and the economy is booming is a long-term risk.
On the other side, Dow Jones also slumped on Tuesday amid U.S.’s inflation data due tomorrow.
XAU/USD (Gold): The gold spiked down sharply in early U.S. hours and touched $1,818 mark from the intraday high of $1,841 mark. Since Asian hours, gold was moving in choppy directions. Today a day as well as H1 chart with triple EMA suggests bullish trend for the time being. A sustained close below $1,818 will check further supports. Alternatively, a consistent close above $1,843 will check further resistances.
Key Resistances: $1,846, $1,851, $1,857, $1,864, $1,872
Key Supports: $1,817, $1,810, $1,802, $1,796, $1,792
Take a look and do trade wisely!