Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy is envisaged if price trades above 1706.23 with take profit at 1717.23.
Bearish Preference:
Sell position is envisaged if price trades below 1685.55 with take profit at 1675.00
Fundamentals:
2.30PM – Non-Farm Employment Change
Average Hourly Earnings
Unemployment Rate
Comment: Gold has in little over two months gone from being a favored reflation bet to heading for its worst first quarter in almost four decades. On Friday, the metal touched the lowest in almost nine months after Federal Reserve Chair Jerome Powell stopped short of forcefully pushing back against the recent surge in long-term borrowing costs, sending U.S. Treasury yields soaring.
Analysis: SCRUM Team