A Short Term Outlook: XAU/USD (Gold); March 17, 2022

Key Points to Keep in Mind While Trading in Gold During U.S. Session

Today U.S. has scheduled to release many key Economic Indicators. Among all U.S. Industrial production data will remain in focus as 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.

Key Headlines from Russia – Ukraine:

• Biden says US sending more anti-aircraft, anti-armor weapons, drones to Ukraine to assist in defense against Russia – TOI.
• UN court orders Russia to cease hostilities in Ukraine – TOI.
• US, Russia make first high-level contact since Ukraine invasion: White House – TOI.
• Zelenskyy pleads to US Congress: ‘We need you right now’ – TOI.
• Russia warned the United States on Thursday that Moscow had the might to put the world’s pre-eminent superpower in its place and accused the West of stoking a wild Russophobic plot to tear Russia apart – Reuters.
• Russia said on Thursday it had made debt payments that were due this week but the announcement did not end a wait for what could be Moscow’s first default on external borrowing in more than a century as creditors said they had yet to receive the funds – Reuters.
• Invoking the fall of the Berlin Wall, Ukrainian President Volodymyr Zelenskiy on Thursday urged German Chancellor Olaf Scholz to tear down what he called a wall between “free and unfree” Europe and stop the war in Ukraine – Reuters.

Technical View:

XAU/USD (GOLD):

• Gold fails to break key resistance at $1,946 mark and slips back below $1,940 mark.
• Today pair made intraday high at $1,946 and low at $1,923 mark.
• A triple EMA on a day chart and H1 chart suggest up trend for the time being.
• A sustained close above $1,948 on H1 chart requires for the upside rally.
• Alternatively, a consistent close below $1,921 will check further supports. Traders eye U.S. FOMC Meeting due tomorrow.

 
Take a look and do trade wisely!
Good Luck