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How to Trade Gold during U.S. Session? April 27, 2022

How to Trade Gold during U.S. Session?

Today U.S. has scheduled to release U.S. Goods Trade Balance data at 1230 GMT/1800 IST and thereafter U.S. Pending Home Sales data at 1400 GMT/1930 IST. Trade in goods makes up about 75% of total trade, and therefore provides early insight into the Trade Balance data reported about 5 days later. A positive number indicates that more goods were exported than imported. Export demand and currency demand are directly linked because foreigners must buy the domestic currency to pay for the nation’s exports. Export demand also impacts production and prices at domestic manufacturers.

In addition, Pending Home Sales is a leading indicator of economic health because the sale of a home triggers a wide-reaching ripple effect. For example, renovations are done by the new owners, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction.

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

March Results:

Feb Results:

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

  • Russia withdraws from UN tourism body: UNWTO.
  • Bulgaria slams Russia gas delivery halt as ‘blackmail’.
  • Russia halts gas to Poland, Bulgaria, taking aim at European economies.
  • Turkey says still talking to Russia about missile deliveries.
  • Russia says destroyed ‘large batch’ of Western-supplied arms in Ukraine.
  • Interior ministry of Moldova’s breakaway region of transdniestra says shots were fired towards Cobasna village from territory of Ukraine.
  • Ukraine says several villages in east captured by Russian forces.
  • Ukrainian presidential adviser says, “Ukraine is strengthening”, after US and it allies promise to provide it with more heavy weaponry.
  • Zelensky, Romanian PM discuss support for Ukraine.

Source: Times of india

Technical View:

XAU/USD:

  • Gold spikes down sharply in European hours and touches $1,886 mark.
  • Today pair made intraday high at $1,907 and low at $1,886 mark.
  • A day chart is up and H1 chart with triple EMA suggests down trend for the time being.
  • A sustained close above $1,912 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,891 on H1 chart will test further supports.
SUPPORTS RESISTANCES
$1,886 $1,912
$1,881 $1,918
$1,876 $1,924
$1,870 $1,928
$1,864 $1,934

 

Take a look and do trade wisely!
Good Luck

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