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SpanishWhat to Expect from Gold During U.S. Session? March 28, 2022
What to Expect from Gold During U.S. Session?
Today U.S. has scheduled to release Trade balance data at 1230 GMT/1800 IST. Trade in goods makes up about 75% of total trade, and therefore provides early insight into the Trade Balance data reported about 5 days later. A positive number indicates that more goods were exported than imported. Export demand and currency demand are directly linked because foreigners must buy the domestic currency to pay for the nation’s exports. Export demand also impacts production and prices at domestic manufacturers.
Let’s see how gold has reacted during the previous data release:
Feb 28:
Jan 26:
Let’s check out key headlines from Russia –Ukraine:
- No ‘significant achievements’ so far in Russia-Ukraine talks: Kremlin.
- Turkey faces risks acting as sanctions ‘safe haven’ for Russians.
- Russia wants deal clarified before talks begin.
- Kremlin says Joe Biden’s comments on Vladimir Putin a cause for concern.
- Ukraine says pausing civilian evacuations, citing Russian ‘provocations’.
- Kremlin confirms Russia-Ukraine talks will be held in Turkey this week, but are unlikely to get underway today: Reuters.
Source: Timesofindia
Technical View:
XAU/USD (GOLD):
- Gold weakens on Monday and stabilises around $1,930 mark.
- Today pair made intraday high at $1,958 and low at $1,925 mark.
- A triple EMA on a day chart is up and H1 chart suggest bearish trend for the time being.
- A sustained close above $1,937 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,924 will check further supports.
| SUPPORTS | RESISTANCES |
| $1,924 | $1,937 |
| $1,918 | $1,942 |
| $$1,912 | $1,948 |
| $1,908 | $1,954 |
| $1,901 | $1,960 |
Take a look and do trade wisely!
Good Luck
