Gold Slightly Up ahead of U.S. Current Account Results, $8+ Volatility Likely; Dec 21, 2021

U.S. Current Account Results

Today the only key indicator from the U.S. will be U.S. Current Account Results scheduled at 1330 GMT/1900 IST. It’s directly linked to currency demand – a rising surplus indicates that foreigners are buying more of the domestic currency to execute transactions in the country. If the actual data is greater than forecasted, it will be good for U.S. dollar.

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

Sept 21:

June 23:

Technical View:

XAU/USD (Gold):

  • The Gold trades marginally higher on Tuesday and Trading around $1,798 mark.
  • Today pair made intraday high at $1,798 and low at $1,788 mark.
  • A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
  • A sustained close above $1,797 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,788 will check further supports.
$1,786 $1,802
$1,781 $1,809
$1,776 $1,814
$1,772 $1,820
$1,767 $1,826

Take a look and do trade wisely!
Good Luck