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SpanishGold Remains Slightly Volatile Ahead of U.S. Trade Balance data, $8+ Volatility Likely in Gold; Feb 08, 2022
U.S. Trade Balance
Today the only key indicator from the U.S. will be U.S. Trade Balance data scheduled at 1330 GMT/1900 IST. The goods portion has a muted impact because it’s a duplicate of the Goods Trade Balance data released about 5 days earlier. A positive number indicates that more goods and services were exported than imported. Export demand and currency demand are directly linked because foreigners must buy the domestic currency to pay for the nation’s exports. Export demand also impacts production and prices at domestic manufacturers.
Let’s see how Gold has reacted during the previous data release:
Jan 06:
Dec 07:
Technical View:
XAU/USD (Gold):
- The Gold remains slightly volatile on Tuesday and hovers around $1,820 mark.
- Today pair made intraday high at $1,823 and low at $1,815 mark.
- A day chart and H1 chart with triple EMA suggest up trend for the time being.
- A sustained close above $1,822 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,814 on H1 will check further supports.
| SUPPORTS | RESISTANCES |
| $1,814 | $1,824 |
| $1,809 | $1,830 |
| $1,804 | $1,836 |
| $1,799 | $1,842 |
| $1,794 | $1,847 |
Take a look and do trade wisely!
Good Luck
TP Global FX Research Team
With a decade of Forex Market insight, TP Global FX Research Team delivers you the Market Insight that boosts your Trading Skills