A Quick Technical Overview of Gold ahead of U.S. Session; May 10, 2021
How to Trade Gold during the U.S. Session?
Gold rises sharply after Friday’s lower than expected U.S. NFP Job data and more over the new week starts with empty calendar from the U.S.
As per the prior experience, gold gives highest volatility when U.S. is having empty economic calendar. Later today at 1800 GMT/2330 IST, U.S. FOMC member Evans is scheduled to speak on the economic outlook at an online event hosted by the Society for Advancing Business Editing and Writing. This event might create some instability in the U.S. dollar against major peers.
The Gold appreciates sharply in early U.S. session and touches $1,842 mark. The intraday low is at $1,830 mark. Today a day and H1 chart with Triple EMA suggests the Upside Movement. A sustained close above $1,843 on H1 chart requires for the upside rally. Alternatively, reversal from immediate resistance will drag the parity down below $1,830 mark.
Key Resistances: $1,848, $1,855, $1,861, $1,867, $1,872
Key Supports: $1,828, $1,822, $1,817, $1,810, $1,802
Take a look and do trade wisely!