U.S. Economic Calendar is Empty, Do Keep In mind the Key Headlines from the Globe While Trading in Gold; Feb 07, 2022

U.S. Economic Calendar is Empty, Do Keep In mind the Key Headlines from the Globe While Trading in Gold

Today’s U.S. session is totally empty as no key U.S. indicators are scheduled for the day. On the other end, volatility in U.S. stocks and Treasury Yields likely to bring movement in U.S. dollar against its major peers.

Key Headlines for the Day:

  • The Russian rouble firmed to a more than three-week high against the dollar on Monday ahead of resident Vladimir Putin’s meeting with his French counterpart Emmanuel Macron.
  • ECB’s Kazaks – July Hike Would Imply Extremely Quick And Unlikely Pace Of Tapering.
  • ECB’s Kazaks – With Increased Risk Of Persistent Inflation, New Net Asset Purchases Become Less Necessary.
  • RBNZ to soon start selling some of the $54 billion of New Zealand Government Bonds (debt) it bought in 2020 and 2021 – BNZ strategist.
  • Spanish Economy Minister Nadia Calvino – Each European Union member state should set its own fiscal targets in the future instead of having common targets defined by the bloc’s fiscal rules.
  • The Biden administration is considering a Chevron Corp proposal to allow the U.S. oil major to accept and trade Venezuelan oil cargoes to recoup unpaid debt, four people close to the discussions said.
  • Australia said on Monday it will reopen its borders to vaccinated travellers this month, ending two years of misery for the tourism sector, reviving migration and injecting billions of dollars into the world No. 13 economy – Reuters.
  • Authorities in China’s southwestern city of Baise ordered residents to stay at home from Monday and avoid unnecessary travel as they enforced curbs that are among the toughest in the nation’s tool-box to fight rising local infections of COVID-19 – Reuters.
  • The White House on Monday released a highly anticipated report from its labor task force that includes nearly 70 recommendations on how the government can help workers join labor unions and bargain collectively – Reuters.
  • Israel announced it was setting up a state commission of inquiry on Monday after a newspaper reported illicit use by police of powerful spyware against confidants of former Prime Minister Benjamin Netanyahu and a slew of other public figures – Reuters.

Technical View:

XAU/USD (Gold):

  • The Gold trades slightly higher on Monday and remains well supported above $1,810 mark.
  • Today pair made intraday high at $1,815 and low at $1,807 mark.
  • A day chart and H1 chart with triple EMA suggest up trend for the time being.
  • A sustained close above $1,814 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,806 on H1 will check further supports.

Take a look and do trade wisely!
Good Luck

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