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Key Indicators & Events to Keep in Mind During U.S. Session While Trading in Gold; Feb 16, 2022

Key Indicators & Events to Keep in Mind During U.S. Session While Trading in Gold

Today’s U.S. session will remain busy as U.S. has scheduled to release Retail Sales, Core Retail Sales data at 1330 GMT/1900 IST and Industrial production data at 1415 GMT/1945 IST. Lastly, Traders keep an eye on U.S FOMC Meetinug Minutes scheduled at 1900 GMT/0030 IST.

Retail Sales are the primary gauge of consumer spending, which accounts for the majority of overall economic activity while Industrial Production is a leading indicator of economic health – production reacts quickly to ups and downs in the business cycle and is correlated with consumer conditions such as employment levels and earnings. If the Actual results come higher than expected, it will be good for U.S. dollar.

Jan Results:

Dec Results:


WHAT TO EXPECT FROM THE FOMC MEETING MINUTES?

Today’s meet will remain important as traders will get to know the insight views on Interst Rate hike but here the quiestion is how much hike will be there by FOMC officicals? Reuters’ most recent survey shows that 52% of economists believe a 50 basis point hike is coming, and 48% say it will be only 25 basis point.

The investors expect as many as 7 Interest Rate hikes during 2022. In turn, this would leave the funds rate at 1.75%, one of the sharpest tightening cycles in history. On the other end, Fed Officials commented and gave different opinions on their perspectives regarding hiking Intersst Rate and reducing Fed balance sheet. Let’s wait for the Meeting Minutes to release, if the Interest Rate hike is data driven then U.S. dollar may depriciates further or FOMC remains aggressive on hiking interest rate then U.S. dollar likely to strengthen more.

Technical View:

XAU/USD (Gold):

  • The Gold recovers sloghtly from previous losses and touches $1,859 mark.
  • Today pair made intraday high at $1,859 and low at $1,850 mark.
  • A day chart is up and H1 chart with triple EMA suggests down trend for the time being.
  • A sustained close above $1,858 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,848 on H1 will check further supports.
SUPPORTS RESISTANCES
$1,848 $1,862
$1,842 $1,867
$1,836 $1,872
$1,832 $1,878
$1,827 $1,884

Take a look and do trade wisely!
Good Luck

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