Gtag:

Key Global Headlines and U.S. Indicators to Keep In Mind While Trading In Gold; March 01, 2022

U.S. ISM Manufacturing PMI

Today U.S. has scheduled to release ISM Manufacturing PMI data at 1500 GMT/2030 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. It is derived via a Survey of about 300 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.

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

Feb 01:

Jan 04:

Key Headlines on Russia – Ukraine:

  • Total trade between China and Russia jumped 35.9% last year to a record $146.9 billion, according to Chinese customs data, with Russia serving as a major source of oil, gas, coal and agriculture commodities, running a trade surplus with China – Reuters.
  • Alphabet Inc’s Google and Facebook owner Meta Platforms Inc are among internet companies facing possible punitive measures in Russia after failing to open local offices and take other measures required by a communications law – Reuters.
  • A Russian armoured column bore down on Ukraine’s capital Kyiv on Tuesday after the deadly shelling of civilian areas in its second largest city indicated that frustrated Russian commanders could resort to more devastating tactics to achieve the goals of their invasion – Reuters.
  • Western sanctions will never make Russia change its position on Ukraine, the Kremlin said on Tuesday – Reuters.
  • At least 10 people were killed and 35 wounded on Tuesday in rockets strikes by Russian forces on the centre of Kharkiv, Ukraine’s second-largest city, Interior Ministry adviser Anton Herashchenko said in a post on social media.

Technical View:

XAU/USD (Gold):

  • The Gold sikes up and touches $1,926 mark.
  • Today pair made intraday high at $1,926 and low at $1,901 mark.
  • A day chart and H1 chart with triple EMA suggest up trend for the time being.
  • A sustained close above $1,928 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,899 on H1 will check further supports.
Supports
Resistances
$1,898
$1,930
$1,891
$1,937
$1,884
$1,943
$1,878
$1,950
$1,872
$1,955

 
Take a look and do trade wisely!
Good Luck

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