Gold Hits Highest Level Since Sept 2020 as Russia Invades Ukraine, U.S. Prelim GDP Data in Focus; Feb 24, 2022

U.S. Prelim GDP q/q

Today is such a big day as at the one side Russia invades Ukraine while on other side U.S. will come up with the Prelim GDP q/q data at 1330 GMT/1900 IST. Due to ongoing tentions between Russia and Ukraine, what will be the likely movement at the time of indicator release is unknown.

Prelim GDP is the broadest measure of economic activity and the primary gauge of the economy’s health. While this is q/q data, it’s reported in an annualized format. The ‘Previous’ listed is the ‘Actual’ from the Advance release and therefore the ‘History’ data will appear unconnected. There are 3 versions of GDP released a month apart – Advance, Preliminary, and Final. The Advance release is the earliest and thus tends to have the most impact.

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

Nov 24:

Aug 26:

Technical View:

XAU/USD (Gold):

  • The Gold spikes up tremendously and hits highest level since Sept 16, 2020.
  • Today pair made intraday high at $1,973 and low at $1,909 mark.
  • A day chart and H1 chart with triple EMA suggest bullish trend for the time being.
  • A sustained close above $1,974 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,941 on H1 will check further supports.
$1,941 $1,976
$1,936 $1,983
$1,931 $1,988
$1,926 $1,992
$1,921 $1,998

Take a look and do trade wisely!
Good Luck

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