A Short Term Outlook: XAU/USD (Gold); June 17, 202
A Short term Outlook: XAU/USD (Gold)
Today U.S. Fed Chair Powell’s speech is scheduled at 1245 GMT/1815 IST. He is due to deliver welcoming remarks at the Inaugural Conference on the International Roles of the US Dollar, in Washington DC. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy.
Thereafter U.S. will release Industrial Production and Capacity utilization rate at 1315 GMT/1845 IST. It’s a leading indicator of economic health – production reacts quickly to ups and downs in the business cycle and is correlated with consumer conditions such as employment levels and earnings.
Let’s see how gold has reacted during the previous data release:
- Gold enjoys roller coaster movement and remains well supported below $1,850 mark.
- The pair made intraday high at $1,856 and Low at $1,841 mark.
- A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,850 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,842 on H1 chart will test further supports.
Take a look and do trade wisely!