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Key Points to Keep In Mind While Trading in Gold During U.S. Session; April 06, 2022

Key Points to Keep In Mind While Trading in Gold During U.S. Session

Today U.S. has not schedule any key economic indicators but Key Events are there to bring further directions of the U.S. dollar. U.S. Treasury Se Yellen is due to speak at 1400 GMT/1930 IST (Source has already released testimony text 13 hours earlier than scheduled, for further details please visit: https://home.treasury.gov/news/press-releases/jy0703) and there after U.S. FOMC Meeting Minutes at 1800 GMT/2330 IST.

FOMC Meeting Minutes is a detailed record of the FOMC’s most recent meeting, providing in-depth insights into the economic and financial conditions that influenced their vote on where to set interest rates. In addition, investors are looking about when and how fast the balance sheet will begin shrinking. Last time, the Fed capped the reduction at $50 bln a month. This time, the signals are for a more aggressive approach and many expect a $80-100 bln monthly cap. In addition, more detailed view on interest rate hike process is highly anticipated. Let’s see what Fed bring out for the FX markets.

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

  • Governor of Ukraine’s Luhansk says ten high-rise buildings are on fire in Sievierodonetsk town after Russian shelling, no information yet on casualties.
  • Russia wants to maintain diplomatic relations with Western countries despite a series of expulsions of its diplomats, Russian deputy foreign minister Alexander Grushko said.
  • Governor of Ukraine’s Luhansk region says Russian forces have taken control of 60 per cent of Rubizhne town: Reuters.
  • Ukraine’s foreign minister welcomed new European Union sanctions planned against Russia over its invasion of Ukraine, but said an embargo on Russian gas and oil was needed “to stop” President Vladimir Putin. (Reuters).
  • Russia is deliberately provoking a food crisis, using hunger as weapon: Zelenskyy (Reuters).
  • In terms of diplomacy, India continues to press forcefully for an immediate cessation of hostilities and an end to violence. We encourage talks between Ukraine & Russia, including at the level of their Presidents. PM Modi has spoken to them both in this regard: Jaishankar.
  • India in talks with Poland, Romania, Kazakhstan besides Hungary for completion of medical education of Ukraine returnees: Jaishankar.

Source:Times of india

Technical View:

XAU/USD (GOLD):

  • Gold enjoys roller coaster movement on Wednesdaya and consolidates around $1,925 mark.
  • Today pair made intraday high at $1,933 and low at $1,915 mark.
  • A triple EMA on a day chart is up and H1 chart suggests down trend for the time being.
  • A sustained close above $1,930 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,916 will check further supports.
Supports
Resistances
$1,916
$1,934
$1,911
$1,938
$1,906
$1,944
$1,898
$1,948
$1,891
$1,954

 
Take a look and do trade wisely!
Good Luck

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