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Key Indicators to Keep in Mind While Trading in Gold During U.S. Session; March 24, 2022

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

Today U.S. will release Durable & Core Durable Goods orders data at 1230 GMT/1800 IST and there after U.S. Flash PMI data at 1345 GMT/1915 IST. Both the indicators are leading indicator of production – rising purchase orders signal that manufacturers will increase activity as they work to fill the orders.

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

Feb Results:



Jan Results:



Let’s have quick updates on Russia – Ukraine:

Technical View:

XAU/USD (GOLD):

  • Gold spikes up sharply in early U.S. Session and hits highest level since March 14, 2022.
  • Today pair made intraday high at $1,953 and low at $1,937 mark.
  • A triple EMA on a day chart and H1 chart suggest bullish trend for the time being.
  • A sustained close above $1,954 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,938 will check further supports.

 

SUPPORTS RESISTANCES
$1,938 $1,955
$1,932 $1,962
$1,926 $1,968
$1,921 $1,974
$1,915 $1,981

 

Take a look and do trade wisely!
Good Luck

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