Gold Spikes Down Sharply in Early U.S. Session, A Consistent Close Below $1,772 requires for the Downside Rally; April 19, 2021
What to Expect From the U.S. Session while Trading in Gold?
Today’s U.S. Session is totally empty as no key fundamentals and events are scheduled for the day and still U.S. dollar strengthens sharply ahead of U.S. Session.
Stock – index futures might remain volatile on Monday, signaling a modest pullback after the Dow Jones Industrial Average and S&P 500 ended last week at all – time highs. U.S. stocks were rose last week as earnings season got under way with solid financial results from Big Banks and as investors digested strong U.S. economic indicators too. On the other hand, half of all adults in the U.S. have received at least one vaccination shot.
News around the world:
- India’s capital region of Delhi has declared a six – day strict lockdown as daily COVID-19 cases nationwide hit a new record.
- British Finance Minister Rishi Sunak – The Bank of England to look at the case for a new “Britcoin”, or Central Bank backed digital currency, aimed at tackling some of the challenges posed by cryptocurrencies such as bitcoin.
- U.K. PM Johnson postponed trip to India due to extreme Corona Virus infections.
- Hong Kong will suspend flights from India, Pakistan and the Philippines from April 20 for two weeks.
XAU/USD (Gold): Gold Spiked down sharply in early U.S. session and jumps from $1,790 to $1,774 mark. A day chart still suggests bearish trend while H1 chart with triple EMA confirms the bullish trend for the time being. A sustained close below $1,772 on H1 chart will check further supports. Alternatively, reversal from here will drag the parity back above $1,790 mark.
Key Resistances: $1,794, $1,799, $1,804, $1,812, $1,818
Key Supports: $1,772, $1,767, $1,762, $1,754, $1,748
Take a look and do trade wisely!