Gold Weakens Sharply Ahead of U.S. Philly Fed manufacturing Index Data, $10+ Volatility Likely; April 21, 2022
U.S. Philly Fed Manufacturing Index
Today U.S. will relaease Philly Fed Manufacturing Index data at 1230 GMT/1800 IST and there after U.S. Fed Chair Powell is due to speak twice on different events. At 1500 GMT/2030 IST, Powell is due to deliver pre-recorded welcoming remarks at the Volcker Alliance and Penn Institute for Urban Research Special Briefing, via satellite and thereafter at 1700 GMT/2230 IST, Powell is due to participate in a panel discussion titled “Debate on the Global Economy” at the Spring Meetings of the International Monetary Fund and World Bank Group, in Washington DC.
Philly Fed is a leading indicator of economic health – businesses react quickly to market conditions, and changes in their sentiment can be an early signal of future economic activity such as spending, hiring, and investment. It is derived via a Survey of about 250 manufacturers in the Philadelphia Federal Reserve district which asks respondents to rate the relative level of general business conditions.
Let’s see how Gold has reacted during the previous data release:
Let’s check out key headlines from Russia –Ukraine:
- Russian President Vladimir Putin has hailed ‘successful liberation’ of Mariupol on Thursday, terming it a success. He had ordered his forces not to storm the last remaining Ukrainian stronghold in the besieged city of Mariupol, but block. A senior Moscow diplomat has, meanwhile, said that Russia will stop the war when NATO stops puppeteering Ukraine.
- Some civilians leave as Russians tighten noose on Mariupol.
- Mayor of Ukraine’s Kharkiv says the city is under intense bombardment. (Reuters).
- Taking full control of Mariupol on the Azov Sea would be a major strategic victory for Russia, helping it to connect annexed Crimea to the territories of pro-Russian separatists in eastern Ukraine.
- Russian defence ministry says Russia controls all of Mariupol except Azovstal plant, AFP reports.
- Russian President Putin says getting control over Ukraine’s Mariupol is a success. (Reuters).
- Ukraine is ready to hold a special round of talks “without any conditions” in Mariupol with Russian officials to discuss saving the lives of fighters and civilians trapped in the city. (Bloomberg).
- The United Nations secretary-general sought meetings with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy as Moscow’s forces step up their offensive in the east. (Bloomberg).
- Biden set to announce new military assistance for Ukraine.
Source: Times of india
- Gold weakens during European session and touched $1,942 mark.
- The pair made intraday high at $1,957 and low at $1,942 mark.
- A day chart is up and H1 chart with triple EMA suggests bearish trend for the time being.
- A sustained close above $1,958 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,941 will check further supports.
Take a look and do trade wisely!