Instrument: GOLD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1782.11 with a take profit at price 1784.12.
Bearish Preference:
A Sell position is envisaged if price trades below price 1775.90 with a take profit at price 1773.80.
Fundamentals:
None with high impact
Comment: The price of gold appears to have reverse course ahead of the $1800 handle even though the Federal Open Market Committee (FOMC) retains the current path for monetary policy, and a further improvement in the US labor market may drag on bullion as it instills an improved outlook for growth and inflation.
Gold prices rebounded modestly early in the APAC trading session as the 10-year Treasury yield pulled back from Friday’s high. Risk appetite appears to be subdued as Chinese and Japanese markets are closed for holidays.
Analysis: SCRUM Team