Key U.S. Indicator To Keep in Mind While Trading in Gold During U.S. Session; May 13, 2022

U.S. Prelim UoM Consumer Sentiment Data

Today U.S. has scheduled to release Prelim UoM Consumer Sentiment data at 1400 GMT/1930 IST. Financial confidence is a leading indicator of consumer spending, which accounts for a majority of overall economic activity. It is derived via a survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions. There are 2 versions of this data released 14 days apart – Preliminary and Revised. The Preliminary release is the earlier and thus tends to have the most impact.

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

April 14:

March 11:

Technical View:

XAU/USD (Gold):

• Gold continues to trade lower on Friday and slips back below $1,820 mark.
• Today pair made intraday high at $1,828 and low at $1,815 mark.
• A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
• A sustained close above $1,828 on H1 chart requires for the upside rally.
• Alternatively, a consistent close below $1,809 on H1 chart will test further

supports.

Let’s have a quick view on Russia – Ukraine latest updates:

• UN focuses human rights inquiry in Ukraine.
• India’s position on the Ukraine conflict has been steadfast & consistent.
• Kremlin says Russia is prepared to give the most decisive response to any side which tries to get involved in Ukraine and hinder the special military operation.
• Kremlin says attacks on Russian region bordering Ukraine means additional measures are needed to ensure the security of these regions.
• German chancellor Olaf Scholz, after call with Russia’s Putin, says there must be ceasefire in Ukraine as soon as possible: Reuters.
• I pointed out Russia’s responsibility for global food situation, says Olaf.
• Ukraine asked the G7 countries on Friday to seize Russia’s assets and hand them to Kyiv to help rebuild the country, foreign minister Dmytro Kuleba said, adding that he hoped Hungary would agree with EU partners an oil embargo on Moscow. (Reuters).
• G7 invoke ‘unity’ against Russia; EU pledges Ukraine funds.
• Britain adds 12 new Russia-related sanctions designations.
• Japanese foreign minister Yoshimasa Hayashi told his Ukrainian counterpart on Friday Russian atrocities in Ukraine were totally unacceptable and Moscow should be held accountable for its action, a Japanese government official told a media briefing.
• EU foreign policy chief Josep Borrell on Friday pledged an extra 500 million euros ($520 million) in military aid for Ukraine at a meeting the Group of Seven industrialised nations in northern Germany: AFP.
• Germany promises G7 show of unity against Russia as ministers meet.

Source: Times of india

Take a look and do trade wisely!
Good Luck