How to trade Gold during U.S. Session? May 26, 2021

How to trade Gold during U.S. Session?

Today’s U.S. session is totally empty as no key economic indicators are scheduled to release from U.S. but U.S. FOMC member Quarles’s speech is scheduled to release at 1400 GMT/1930 IST. It will be an online event and the core topic of it will be “Insurance Regulation”. As we all know that Federal Reserve FOMC members vote on where to set the nation’s key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy. In addition, later during U.S. session, Crude Oil Inventories will come out. It might bring sudden volatilities in to the U.S. dollar against its major peers.

Technical View:

XAU/USD (Gold):

Gold hits highest level since January 2021 and settling down around $1,910 mark. The parity enjoys roller coaster movement and putting up all the efforts to break $1,910 mark. The pair made intraday high at $1,910 and low at $1,897 mark. A day as well as H1 chart with triple EMA suggests up trend only. A sustained close above $1,909 on H1 chart requires for the upside rally. Alternatively, reversal from here will drag the parity down below $1,880 mark.

Key Resistances: $1,909, $1,913, $1,919, $1,925, $1,930

Key Supports: $1,898, $1,892, $1,887, $1,881, $1,876

Take a look and do trade wisely!
Good Luck