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What’s Wrong With Gold? Let’s Try to Figure It Out; Jan 03, 2022

What’s Wrong With Gold? Let’s Try to Figure It Out

Today’s U.S. Calendar was light as U.S. released Final Manufacturing PMI data with Flat numbers and Construction Spending data with lower than expected numbers. Apart from the key U.S. Economic Results, U.S. Treasury yields rose sharply on Monday as market participants closely monitored soaring cases of the omicron Covid variant worldwide. It seems like market sentiments turn positive for the First day of trading in 2022.

  • The dollar index, which measures the greenback against major peers, rose 0.32% to 96.30.
  • The U.S. Food and Drug Administration has authorized the use of a third dose of the Pfizer and BioNTech COVID-19 vaccine for children aged between 12 and 15 years, and narrowed the time for all booster shots by a month to five months after the primary doses.
  • Oil prices trading higher on Monday as OPEC and its allies, or OPEC+, are expected on Tuesday to agree to the output hike.
  • China, Russia, U.K., U.S. and France have agreed that there can be no winners in Nuclear War, It should never be started.
  • U.S. stock indexes inched higher on Monday as hares in heavyweight Tesla jumped after the electric carmaker posted bumper delivery numbers.

Technical View:

XAU/USD (Gold):

  • The Gold spiked down drastically on Monday and slips below $1,800 mark.
  • Today pair made intraday high at $1,831 and low at $1,798 mark.
  • A day chart is slightly up and H1 chart with triple EMA suggests down trend for the time being.
  • A sustained close above $1,830 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,798 will check further supports.
SUPPORTS RESISTANCES
$1,796 $1,836
$1,791 $1,840
$1,786 $1,844
$1,780 $1,849
$1,774 $1,854

 

Take a look and do trade wisely!
Good Luck

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