This week, there is not much news that we can expect to shake the market tremendously, but we still need to pay attention to the conditions of the meeting between Russia and Ukraine.
Some of the data to watch are inflation data from the UK, some speeches from Jerome Powell, the PMI for Manufacturing and Services from the EU, and the latest policy from the Swiss National Bank.
This week there may not be too many trending movements in the USD index unless there is a surprise from Jerome Powell’s speeches. We can see that this week, the potential for the USD Index will move consolidative between the Support and Resistance areas.
On a weekly timeframe, the key Support area is between 97.20 – 97.68, while the key Resistance area is at 99.28 – 99.57.
Meanwhile, on a smaller timeframe on H4, the closest support is at the 97.75–97.85 area, and the closest resistance is at the 98.45–98.62 area.
Gold fell after the market again saw the potential for peace between Russia and Ukraine, coupled with the FED’s policy of raising interest rates, causing the market to take profit-taking action on Gold as a safe haven.
If we look at the weekly timeframe, we can see that gold will consolidate again this week, with the movement between the support area 1891.00 – 1916.80 and the resistance area between 1965.00 – 1993.80.
Meanwhile, on the smaller timeframe on H4, we can see a lower but narrower area between 1886.55 – 1895.00 with resistance at 1941.10 – 1950.80.