Gtag:

Gold Depreciates Noticeably Ahead of U.S. Flash PMI Data, $9+ Volatility Likely; April 22, 2022

U.S. Flash PMI Results

Today U.S. has scheduled to release Flash Manufacturing and Services PMI data at 1345 GMT/1915 IST. It’s a leading indicator of economic health – businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company’s view of the economy. Above 50.0 indicates industry expansion, below indicates contraction. There are 2 versions of this report released about a week apart – Flash and Final. Flash is the earliest and thus tends to have the most impact.

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

March 24:

Feb 22:

Let’s check out key headline from Russia – Ukraine:

  • Russia plans to take full control of Donbas and Southern Ukraine as part of the second phase of the military operation, the deputy commander of Russia’s central military district said on Friday.
  • Scholz rejects ‘slanderous’ criticism of his party’s Russia policy.
  • Russian success in Ukraine ‘hinges on Mariupol’: Governor.
  • India has historic relationship with Russia and everybody respects it: UK PM Boris Johnson on New Delhi’s position on Russian aggression against Ukraine.
  • The UK will reopen its embassy in Kyiv, Ukraine next week. The UK and our allies will not watch passively as Putin carries on this onslaught: British PM Boris Johnson, in Delhi.
  • India’s Reliance Industries Ltd, operator of the world’s biggest oil refining complex, has ordered at least 15 million barrels of Russian oil since Russia invaded Ukraine in February, trade sources said.
  • India and Britain on Friday called on Russia for an immediate ceasefire in Ukraine as British Prime Minister Boris Johnson announced steps to help move New Delhi away from its dependence on Russia by expanding economic and defense ties.
  • Japan says disputed islands ‘illegally occupied’ by Russia.
  • Germany has promised $40.12 million to Ukraine for reconstruction as a result of the war.

Source: Timesofindia

Technical View:

XAU/USD:

  • Gold spikes down sharply ahead of U.S.’s Flash PMI data and touches $1,930 mark.
  • Today pair made intraday high at $1,955 and low at $1,930 mark.
  • A day chart is up and H1 chart with triple EMA suggests down trend for the time being.
  • A sustained close above $1,954 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,926 on H1 chart will test further supports.
Supports
Resistances
$1,926
$1,958
$1,921
$1,964
$1,915
$1,968
$1,909
$1,974
$1,902
$1,991

 
Take a look and do trade wisely!
Good Luck

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