A Short Term Outlook: XAU/USD (Gold); April 18, 2022

A Short Term Outlook: XAU/USD (Gold)

Today’s U.S session is light as U.S. will release NAHB Housing Market data at 1400 GMT/1930 IST. It is derived via a Survey of about 900 home builders which asks respondents to rate the relative level of current and future single-family home sales. Above 50 indicates a favorable outlook on home sales, below indicates a negative outlook.

Let’s see how Gold has reacted during the previous data release:

March 16:

Feb 16:

Let’s check out key headlines from Russia –Ukraine:

• After Russian pullback, Ukraine’s northern Sumy region prepares for new assault.
• Russia said on Monday it had launched mass strikes overnight on the Ukrainian military and associated military targets, using its air force, missile forces, artillery and air defence systems to hit hundreds of targets across its southern neighbour.
• The Russian defence ministry said in a statement that air-launched missiles had destroyed 16 Ukrainian military facilities overnight, including five command posts, a fuel depot and three ammunition warehouses, as well as Ukrainian armour and forces.
• Lviv and the rest of western Ukraine have been less affected by the fighting than other parts of the country, and the city was considered to be a relatively safe haven.
• The Russian forces have eliminated more than 470 Ukrainian drones since the start of the special military operation in Ukraine, Russian Defense Ministry spokesman Igor Konashenkov said.
• Volodymyr Zelenskyy urges US President Joe Biden to visit his country.

Source:Timesofindia

Technical View:

XAU/USD:

• Gold trades marginally higher on Monday and touches $1,993 mark in early U.S. session.
• The pair made intraday high at $1,993 and low at $1,972 mark.
• A day chart and H1 chart with triple EMA suggest Bullish trend for the time being.
• A sustained close above $1,994 on H1 chart requires for the upside rally.
• Alternatively, a consistent close below $1,976 will check further supports.

 
Take a look and do trade wisely!
Good Luck