A Short Term Outlook: XAU/USD (Gold); June 20, 2022
A Short term Outlook: XAU/USD (Gold)
Today’s U.S. session is almost empty for the day but later in a day U.S. FOMC member Bullard is due to speak at 165 GMT/2215 IST. He is due to speak about inflation and interest rates at an event hosted by the Barcelona School of Economics. Audience questions expected. Federal Reserve FOMC members vote on where to set the nation’s key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy.
As the key core topic is Inflation and Interest Rate, any hint on further tightening of monetary policy will bring high volatility in to the U.S. dollar.
- Gold moves on rigid boundaries on Monday and hovers around $1,840 mark.
- The pair made intraday high at $1,846 and Low at $1,835 mark.
- A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,848 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,836 on H1 chart will test further supports.
Take a look and do trade wisely!