Let’s take a quick preview of Biden’s Latest comment on Omicron, U.S. Chicago PMI & Fed Chair Powell’s Testimony Day 01
Today U.S. President Biden gave his valuable comments on Omicron and advised not to get panic over Omicron Vriant as all the countries have ample of time to take precautionary measures.
Thereafter U.S. has scheduled to release Chicago PMI data at 1445 GMT/2015 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 around 200 purchasing managers in Chicago which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.
And Lastly U.S. Fed Chair Powell’s Testimony has scheduled at 1500 GMT/2030 IST. The testimony usually comes in 2 parts: first he reads a prepared statement (a text version is made available on the Fed’s website at the start, which is likely to bring market volatility ), then the committee will hold a question and answer session. Since the questions are not known beforehand they can make for some unscripted moments that lead to heavy market volatility. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy.
- Gold rises on Tuesday and remains well supported below $1,800 mark.
- Today pair made intraday high at $1,798 and low at $1,783 mark.
- A day chart and H1 chart with triple EMA suggest bullish trend for the time being.
- A sustained close above $1,799 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,782 on H1 chart will check further supports.
Take a look and do trade wisely!