Key Points to Keep in Mind while Trading in Gold During U.S. Session: March 22, 2022

Key Points to Keep in Mind while Trading in Gold During U.S. Session:

Today U.S. has scheduled to release Richmond manufacturing Index data at 1400 GMT/1930 IST. It is derivved via a survey of about 55 manufacturers in the Richmond area which asks respondents to rate the relative level of business conditions including shipments, new orders, and employment. Above 0 indicates improving conditions, below indicates worsening conditions.

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

Feb 22:

Jan 25:

Let’s have quick updates on Russia – Ukraine:

• Ukrainian president warns Russia war could lead to famine in other nations.
• Russian Nobel Peace Prize winner donates medal to raise funds for Ukrainian refugees.
• Italian prime minister says Italy must offer military aid to Ukraine to halt massacres.
• Ukraine needs a Marshall Plan to deal with the consequences of Russia’s invasion, German finance minister Christian Lindner said on Tuesday. “Our support for the (Ukrainian) people’s fight for freedom will continue,” Lindner said in a speech to the Bundestag lower house of parliament. (Reuters).
• Britain’s defense ministry has said that Russian forces have not managed to take over the Ukrainian port city of Mariupol despite weeks of bombardment and days of street fighting.
• Ukraine retakes key Kyiv suburb; battle for Mariupol rages.
• Ukrainian President Volodymyr Zelenskyy is set to virtually deliver his address to the Japanese parliament on Wednesday to rally international support for his country’s fight against Russian invasion. (AP).
• Ukraine’s Zelenskyy says everything on table if Putin meet.

Technical View:

XAU/USD (GOLD):

• Gold enjoys roller coaster movement and hovers around $1,930 mark.
• Today pair made intraday high at $1,938 and low at $1,922 mark.
• A triple EMA on a day chart is up and H1 chart suggests down trend for the time being.
• A sustained close above $1,938 on H1 chart requires for the upside rally.
• Alternatively, a consistent close below $1,918 will check further supports.

Take a look and do trade wisely!
Good Luck