Gold Recovers Noticeably in European Session, Traders Eye U.S. Advance GDP q/q Data For Further Directions; April 28, 2022

U.S. Advance GDP q/q

Today U.S. will come up with the Advance GDP q/q data at 1230 GMT/1800 IST. It’s the broadest measure of economic activity and the primary gauge of the economy’s health. There are 3 versions of GDP released a month apart – Advance, Preliminary, and Final. The Advance release is the earliest and thus tends to have the most impact.

Let’s see how Gold has reacted during the previous data release:

Jan 27, 2022:

Oct 28, 2021:

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

• President Vladimir Putin has warned that if any other country intervenes in Moscow’s military operation in Ukraine, Russia will launch a quick-fire military response.
• UN Secretary-General Antonio Guterres arrived in Kyiv on Thursday.
• UN Secretary-General Antonio Guterres on Thursday urged Russia to cooperate with the International Criminal Court (ICC) on investigations into possible war crimes carried out during its invasion of Ukraine. (AFP).
• Kyiv has ‘right’ to strike Russian military targets, says Ukraine aide. (AFP).
• Kremlin spokesman has said that weapons deliveries by the West to war-torn Ukraine as aid, do ‘threaten the security’ of Europe. (AFP)
• ‘Lightning response’: Putin has said that the military would not hesitate to use the most modern weaponry.
• Putin – “if anyone sets out to intervene in the current events [in Ukraine] from the outside and creates unacceptable threats for us that are strategic in nature, they should know that our response… will be lightning-fast”.
• The US will begin the process of reopening its embassy in Kyiv ‘as quickly but also as safely as possible’, US Secretary of State Antony Blinken says.
• India at UNSC reiterates call for cessation of violence in Ukraine.
• Russia to hold informal UNSC meeting on May 6 about situation on ground in Ukraine.
• s including missiles and armored vehicles. But so far they have been reluctant to send fighter planes for fear of escalating the conflict.
• Russia for India was out of necessity, a partner of choice when we were not in a position to meet a partner. Now we’re investing in that effort. There is a growing strategic convergence between US-India &of course, China is a big part of that: US secretary of state.
• The United Nations’ tourism body on Wednesday suspended Russia from the agency over its invasion of Ukraine, arguing that it had breached its statutes.
• Russian weekly inflation stabilizes ahead of Central bank meeting.

Source: Times of india

Technical View:

XAU/USD:

• Gold recovers from previous losses and hovers around $1,890 mark.
• Today pair made intraday high at $1,891 and low at $1,872 mark.
• A day chart and H1 chart with triple EMA suggests down trend for the time being.
• A sustained close above $1,891 on H1 chart requires for the upside rally.
• Alternatively, a consistent close below $1,868 on H1 chart will test further supports.

Take a look and do trade wisely!
Good Luck