A Short Term Outlook: Gold (XAU/USD); April 05, 2022
U.S. ISM Services PMI Results
Today U.S. has schedule to release Trade Balance data at 1230 GMT/1800 IST and Services PMI results at 1400 GMT/1930 IST. The goods portion has a muted impact because it’s a duplicate of the Goods Trade Balance data released about 5 days earlier. A positive number indicates that more goods and services were exported than imported. While Services PMI is 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 about 300 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.
Let’s see how Gold has reacted during the preious data release:
Let’s check out key headlines from Russia –Ukraine:
- Ukrainian President Volodymyr Zelenskyy is scheduled to address the United Nations Security Council on Tuesday, the first time he will address the most powerful UN organ since Russia’s invasion of his country and after streets strewn with corpses of what appeared to be civilians were found in the suburbs of Kyiv, sparking worldwide horror and condemnation.
- Russia is in no rush to increase the share of rouble payments for its exports, Kremlin spokesman Dmitry Peskov said.
- The Kremlin said that allegations Russian forces committed war crimes by executing civilians in the Ukrainian town of Bucha were a “monstrous forgery” aimed at denigrating the Russian army.
- Ukraine President Zelenskyy says it is in Ukraine’s interest to have most open investigation in killing of Ukraine’s civilians.
- Seven humanitarian corridors will be opened on Tuesday, including from the besieged port city of Mariupol and the Russian-controlled Berdyansk, Ukrainian Deputy Prime Minister Iryna Vereshchuk has said.
- Ukraine’s Zelenskiyy says Russia could ‘return’ in two years, ‘we need security guarantees’.
- French minister Beaune: EU will probably adopt new Russian sanctions on Wednesday.
- U.S. cracks down on Russian debt payments, latest sovereign payments halted.
- Next phase of Ukraine war could last ‘months or longer:’ White House.
- More U.S. sanctions on Russia to be announced ‘this week:’ White House.
Source:Times of india
- Gold exhibits range bound movement on Tuesday and trading around $1,930 mark.
- Today pair made intraday high at $1,933 and low at $1,925 mark.
- A triple EMA on a day chart and H1 chart suggest up trend for the time being.
- A sustained close above $1,934 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,921 will check further supports.
Take a look and do trade wisely!