Gold Trades Flat Ahead of Current Account data, $6+ Volatility Expected; June 23, 2021

U.S. Current Account

Today U.S. will release quarterly Current Account Data at 1230 GMT/1800 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. The goods and services portion has no impact because it’s a duplicate of the monthly Trade Balance data.

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

March 23:

Dec 18:

Technical View:

XAU/USD (Gold):

  • Gold moves in rigid boundaries and stabilizes around $1,780 mark.
  • The pair made intraday high at $1,783 and low at $1,777 mark.
  • A day chart and H1 chart with triple EMA suggests bearish trend for the time being.
  • A sustained close above $1,790 requires for the upside rally.
  • Alternatively, a consistent close below $1,774 will check further supports.
$1,774 $1,790
$1,768 $1,794
$1,762 $1,799
$1,757 $1,805
$1,751 $1,812


Take a look and do trade wisely!
Good Luck