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It is All About This Week, Have a Look; Dec 17, 2021

It is All About This Week, Have a Look

A hectic week is about to an end. Let’s quickly check the Key Indicators of the week and Central Bank’s Statements.

U.S. :

Key FOMC Statements:

  • U.S. dollar depreciated drastically after the Federal Reserve projected three Interest Rate hikes in 2022.
  • Fed going to end QE program in Feb 2022 rather than May 2022.
  • Fed Chair Powell was hawkish on the Job market and upgraded GDP as well as Inflation forecasts.

U.k. :

Key U.K. MPC Statements:

  • Bank of England surprised the market with its first rate hike in three years.
  • There was no change to the asset-purchase programme with government bond purchases remaining at £875bn.

Euro Zone:

ECB Statements:

  • ECB left interest rate unchanged.
  • ECB upgraded its inflation forecasts and lowered its 2022 GDP predictions.
  • It is “very unlikely ECB will raise rates in 2022.

Technical View:

XAU/USD (Gold):

  • The Gold rises on Friday and tocuehs $1,809 mark.
  • U.S. Economic Calendar is empty for the day.
  • U.S. FOMC member Waller’s Speech is in focus scheduled at 1800 GMT/2330 IST. (Due to speak about the economic outlook at the Forecasters Club of New York. Audience questions expected)
  • Today pair made intraday high at $1,809 and low at $1,797 mark.
  • A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
  • A sustained close above $1,809 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,797 will check further supports.
SUPPORTS RESISTANCES
$1,792 $1,814
$1,787 $1,820
$1,782 $1,826
$1,776 $1,832
$1,772 $1,837

Take a look and do trade wisely!
Good Luck

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