Instrument: GOLDs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1844.89 with take profit at 1849.51.
Bearish Preference:
Sell position is envisaged if price trades below 1836.31 with take profit at 1832.60.
Fundamentals:
No major fundamental.
Comment: Gold finished almost unchanged overnight, climbing 0.25% to USD1835.50 an ounce, where it remains in Asia. The rise in US yields sapped the upward momentum without turning the gold rally into a reversal. We should also note that US 10-year yields rose only slightly overnight, with the 30-year firming more in comparison. That means that gold’s negative correlation to rising 10-year yields has yet to be still tested.
Analysis: SCRUM Team