Gold Consolidates Around $1,850 mark ahead of U.S. PPI data, $9+ Volatility Likely in Gold; May 12, 2022
U.S. PPI & Core PPI data
Today U.S. has scheduled to release PPI as well as Core PPI data at 1230 GMT/1800 IST. It’s a leading indicator of consumer inflation – when producers charge more for goods and services the higher costs are usually passed on to the consumer. Food and energy prices make up about 40% of overall PPI which tends to mute the importance of the Core data.
Let’s see how Gold has reacted during the previous data release:
- Gold moves in rigid boundaries and consolidates around $1,850 mark.
- Today pair made intraday high at $1,858 and low at $1,844 mark.
- A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
- A sustained close above $1,857 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,847 on H1 chart will test further supports.
Let’s have a quick view on Russia – Ukraine latest updates:
- Ukraine says wants spot ‘reserved’ in EU.
- Ukrainian forces continuing to counter-attack to north of Kharkiv,recapturing several towns, villages towards Russian border: UK military intelligence.
- Russia’s prioritisation of operations in Donbas has left elements deployed in Kharkiv oblast vulnerable to Ukrainian counter-attacking force: UK military intelligence.
- A Ukrainian commander in Mariupol appealed directly to Elon Musk on Wednesday, asking the world’s richest man to intervene on behalf of those trapped by Russian forces in control of the southern city.
- Japan, China, South Korea finance leaders urge caution amid Ukraine crisis.
- NATO allies expect Finland and Sweden to be granted membership quickly, five diplomats and officials told Reuters, paving the way for increased troop presence in the Nordic region during the one-year ratification period.
- Britain strikes new security deals with Sweden & Finland.
- Ukraine cuts Russia gas at one hub, underlining risk to supply.
Source: Times of india
Take a look and do trade wisely!