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Short Term Outlook: GOLD (XAU/USD); Feb 09, 2022

Short Term Outlook: Gold (XAU/USD)

Today’s U.S. session is almost empty as no key economic indiacators are scheduled to release but on the other side, two FOMC members’ speeches may give volatility to the U.S. dollar and gold too. Traders eye U.S. CPI and Core CPI data due tomorrow to get the further directions of the gold.

Today U.S. FOMC member Bowman (Due to speak about innovation and community banking at an online event hosted by the Independent Community Bankers of America. Audience questions expected) is scheduled to speak at 1530 GMT/2100 IST and FOMC member Mester (Due to speak about the economic outlook and monetary policy at an online event hosted by the European Economics and Financial Centre. Audience questions expected) is due to speak at 1700 GMT/2230 IST.

Technical View:

  • The Gold moves in stiff boundaries and consilidates around $1,827 mark.
  • Today pair made intraday high at $1,829 and low at $1,825 mark.
  • A day chart and H1 chart with triple EMA suggest up trend for the time being.
  • A sustained close above $1,828 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,821 on H1 will check further supports.
SUPPORTS RESISTANCES
$1,821 $1,828
$1,816 $1,832
$1,811 $1,837
$1,806 $1,844
$1,799 $1,848

 

Take a look and do trade wisely!
Good Luck

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