Key U.S. Indicator To Keep In Mind While Trading In Gold During U.S. Session:
Today U.S. has scheduled to reelase ADP Job results at 1215 GMT/1745 IST and Final GDP q/q data at 1230 GMT/1800 IST. Both the data will provide volatility to the U.S. dollar and accordingly in Gold too.
Let’s see how Gold has reacted at the time of ADP Job data:
ADP data provides an early look at employment growth, usually 2 days ahead of the government-released employment data that it’s designed to mimic. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity.
Let’s see how Gold gave movement during Final GDP q/q data:
GDP is the broadest measure of economic activity and the primary gauge of the economy’s health. There are 3 versions of GDP released a month apart – Advance, Preliminary, and Final. The Advance release is the earliest and thus tends to have the most impact.
Let’s check out key headlines from Russia –Ukraine:
- The Kremlin on Wednesday played down hopes of a breakthrough following peace talks between Russian and Ukrainian delegates in Istanbul a day earlier.
- Kremlin welcomes written Ukrainian demands, but no sign of breakthrough.
- The Russian military has reported a new series of strikes on Ukrainian arsenals and fuel depots.
- Russian Foreign Minister Sergey Lavrov will pay an official visit to India from March 31 to April 1: MEA.
- UK issues 25,500 visas to Ukrainian refugees.
- Russian gold miner Petropavlovsk is in early talks with its advisers and Gazprombank to potentially restructure its debt after it was unable to pay interest due to sanctions on the Russian bank.
- Oil prices dive and European stock markets close higher on the positive news from the talks. The ruble surges by more than 10% against the dollar while oil falls by more than five per cent.
- Gold revverses previous gain and currenyl trading around $1,920 mark.
- Today pair made intraday high at $1,928 and low at $1,916 mark.
- A triple EMA on a day chart is up and H1 chart suggest bearish trend for the time being.
- A sustained close above $1,932 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,912 will check further supports.
Take a look and do trade wisely!