Gold traders stay cautious ahead of US President Trump’s impeachment voting, busy calendar

Gold has been choppy since the start of the week.
Uncertainty surrounding the US-China trade relations, US President Trump’s future and Brexit has been weighing on the risk tone.
Broad USD strength seems to cap the safe-havens upside.

Anil Panchal FXStreet

With the global traders awaiting results of the key events/data, Gold prices seesaw near $1,475 amid the initial Asian session on Thursday.

Among the top-tier events, the US House of Representatives’ voting to impeach President Donald Trump will be crucial. The house is scheduled to hold two voting sessions for abuse of power and obstruction of Congress, as far as the meddling in Turkish politics is concerned. Ahead of the event, the Washington Post says, “Based on public announcements, Democrats have enough votes to approve articles of impeachment against Trump for abuse of power and obstruction of Congress. Wednesday’s action will lead to a trial in the Republican-led Senate, where a two-thirds vote would be required to remove the president from office.”

Following that, a busy calendar including employment data from Australia, monetary policies of the Bank of Japan (BOJ) and Bank of England (BOE) coupled with the second-tier data from the US, Canada and Switzerland will entertain momentum traders.

The market’s risk tone recovered on Wednesday as the US Federal Reserve (Fed) policymakers held their upbeat tone. The same might have helped the US Dollar (USD) to extend earlier recoveries and exert downside pressure on the yellow metal.

However, the latest readings of the US 10-year treasury yields and S&P 500 Futures suggest a cautious sentiment prevails among the market players.

Technical Analysis

21-day Exponential Moving Average (EMA) surrounding $1,471 acts as immediate support while buyers will wait for a clear break of the month-old rising trend line, at $1,489 now.

Additional important levels

Overview
Today last price	1475.84
Today Daily Change	0.12
Today Daily Change %	0.01%
Today daily open	1475.72

Trends
Daily SMA20	1467.34
Daily SMA50	1477.91
Daily SMA100	1491.33
Daily SMA200	1412.23

Levels
Previous Daily High	1479.32
Previous Daily Low	1470.7
Previous Weekly High	1486.58
Previous Weekly Low	1458.82
Previous Monthly High	1515.38
Previous Monthly Low	1445.8
Daily Fibonacci 38.2%	1473.99
Daily Fibonacci 61.8%	1476.03
Daily Pivot Point S1	1471.17
Daily Pivot Point S2	1466.62
Daily Pivot Point S3	1462.55
Daily Pivot Point R1	1479.79
Daily Pivot Point R2	1483.86
Daily Pivot Point R3	1488.41

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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