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SpanishGold Touches $1,850 mark Ahead of U.S. Trade Balance and Treasury Sec Yellen’s Speech, High Volatility Likely in Gold; June 07, 2022
Let’s see how Gold has reacted during the previous data release:
Today U.S. will release Trade balance data at1230 GMT/1800 IST and Treasury Sec Yellen’s speech at 1400 GMT/1930 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:
May 04:
April 05:
Technical View:
XAU/USD (Gold):
- Gold strengthens ahead of U.S. Trade balance data and hovers around $1,850 mark.
- The pair made intraday high at $1,850 and Low at $1,837 mark.
- A day chart and H1 chart with triple EMA suggest down trend for the time being.
- A sustained close above $1,852 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,842 on H1 chart will test further supports.
| SUPPORTS | RESISTANCES |
| $1,842 | $1,854 |
| $1,838 | $1,860 |
| $1,832 | $1,864 |
| $1,826 | $1,868 |
| $1,820 | $1,872 |
Take a look and do trade wisely!
Good Luck
