Gtag:

Gold Hovers Around Key Resistance at $1,789 mark, A Consistent Close Above Requires for the Upside Rally; Dec 13, 2021

How to Trade Gold During U.S. Session?

Today U.S. Calendar is empty as no key indicators are schedueld to release during U.S. Session but It seems that U.K. has rescheduled their key event of the FPC Meeting Minutes and Statement. The new release time will be 1700 GMT/2230 IST. It will bring volatility to the Sterling Parity. Apart from it, Let’s have a look on other important headlines while Trading in FX market.

  • Turkish Lita hits historical low against U.S. dollar to 14.60 as S&P Global Ratings lowered the outlook on the Nation’s sovereign credit rating to negative.
  • Credit rating agency Fitch has put 13 Turkish banks on downgrade warnings following a similar move on the government’s sovereign rating last week.
  • New Zealand Prime Minister Jacinda Ardern announced a further reduction in Auckland coronavirus restrictions on Monday. “A further review of the level will take place on January 17, 2022”.
  • U.K. PM – Everyone aged 18 and over in England will have the chance to get their booster vaccine before the end of the year to combat the threat of rising Omicron variant cases.
  • European Central Bank Vice President Luis de Guindos is self-isolating after testing positive for Covid-19 on Saturday, the ECB said in a statement posted on its website.
  • Pfizer Inc has agreed to acquire Arena Pharmaceuticals in a $6.7 billion all-cash deal to expand its cancer and inflammatory disease treatment pipeline.
  • White House said in a statement – U.S. President Joe Biden on Sunday declared a major federal disaster in Kentucky after a swarm of deadly tornadoes hit the state on Friday, paving the way for additional federal aid.

Technical View:

XAU/USD (Gold):

  • The Gold trades marginally higher in early U.S. Session and trading around $1,787 mark.
  • Today pair made intraday high at $1,788 and low at $1,782 mark.
  • A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
  • A sustained close above $1,789 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,778 will check further supports.
  • U.S. Calendar is almost empty for the day.
SUPPORTS RESISTANCES
$1,778 $1,789
$1,772 $1,794
$1,767 $1,799
$1,764 $1,804
$1,757 $1,809

Take a look and do trade wisely!
Good Luck

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