Key Points to Keep in Mind While Trading in Gold During U.S. Session; April 20, 2022

Key U.S. Indicators To Keep In Mind While Trading in Gold During U.S. Session

Today U.S. has scheduled to release Existing Home Sales data at 1400 GMT/1930 IST. It’s a leading indicator of economic health because the sale of a home triggers a wide-reaching ripple effect. For example, renovations are done by the new owners, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction.

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

March 18:

Feb 18:

Let’s check out key headlines from Russia –Ukraine:

• Russian forces hit 1,053 Ukrainian military facilities overnight, destroying 106 firing positions, the country’s Ministry of Defence said on Wednesday.
• The number of Ukrainians fleeing abroad since Russia invaded Ukraine on Feb. 24 is now 5,010,971, the United Nations’ Refugee Agency (UNHCR) said on Wednesday.
• EU chief Charles Michel said Wednesday that there must be justice for war crimes committed by Russian forces as he toured the devastated town of Borodianka on a visit to Ukraine.
• Kremlin says it’s unacceptable to make sports people hostages of ‘political games’.
• Japan formally revokes Russia’s ‘most favored nation’ status.
• Russia gave Ukrainian fighters holding out in Mariupol a new ultimatum to surrender by Wednesday afternoon as it pushed for a decisive victory in its offensive in the east, while Western governments promised to give Ukraine more military help. (Reuters).
• European Council chief Charles Michel, representing EU member states, has arrived in Kyiv as Russia continues its new offensive in the east of Ukraine. (AFP).
• US preparing to announce another military aid package for Ukraine: ANI.
• Britain will give more artillery weapons to Ukraine as the conflict with Russia moves into a new phase, Prime Minister Boris Johnson said on Tuesday.
• Ukraine economy to collapse 35% this year, Russia to fall 8.5%: IMF.
• IMF slashes global growth forecast to 3.6% this year, down 0.8% from January.

Source: Times of india

Technical View:

XAU/USD:

• Gold recovers slightly from previous losses and jumps back above $1,950 mark.
• The pair made intraday high at $1,953 and low at $1,939 mark.
• A day chart is up and H1 chart with triple EMA suggests Bearish trend for the time being.
• A sustained close above $1,957 on H1 chart requires for the upside rally.
• Alternatively, a consistent close below $1,938 will check further supports.

Take a look and do trade wisely!
Good Luck