Gold Enjoys Roller Coaster Movement, Traders eye U.S. Treasury Sec Yellen’s Speech on cryptocurrency policy and regulation; April 07, 2022

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

Today’s U.S. session is almost empty without any key economic indicators but U.S. Treasury Sec Yellen is due to speak at 1430 GMT/2000 IST. Today Yellen is due to speak about cryptocurrency policy and regulation at an event hosted by American University, in Washington DC. It’s the Treasury Secretary’s job to communicate the US President’s economic policies, and her speeches are often used to signal policy shifts to the public and to foreign governments. Any hawkish comments on Crypto likely to bring volatility to the FX markets otherwise dovish comments drag the Crypto pairs downside.

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

• Kremlin says US sending weapons to Ukraine is not contributing to the success of Russia-Ukraine peace talks.
• With war raging along the country’s southern coast, and its main ports blocked off by Russia’s invasion, Ukraine is struggling to export its grain and other goods, according to government officials – Reuters.
• In western Ukraine, some 1,100 train wagons carrying grain are stuck near the main rail border crossing with Poland, unable to transport their cargo abroad.
• Ukraine’s Zelenskyy says Russia must be brought to justice.
• Air India suspends Russia nonstops; no direct air connectivity between the 2 countries now.
• Kyiv accuses Hungary of ‘helping Putin’ in war against Ukraine.
• India to face significant cost if aligned with Russia, US says.
• US threatens China with sanctions if it supports Russia’s war in Ukraine.
• New EU sanctions on Russia could be agreed Thursday or Friday, Borrell says.
• Yellen says Russia should be expelled from G20, US may boycott some meetings.

Source:Times of india

Technical View:

XAU/USD (GOLD):

• Gold trades marginally higher on Thursday and trading around $1,930 mark.
• Today pair made intraday high at $1,934 and low at $1,920 mark.
• A triple EMA on a day chart and H1 chart suggest up trend for the time being.
• A sustained close above $1,930 on H1 chart requires for the upside rally.
• Alternatively, a consistent close below $1,915 will check further supports.

Take a look and do trade wisely!
Good Luck