Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1895.13 with take profit at 1897.35.
Bearish Preference:
Sell position is envisaged if price trades below 1884.45 with take profit at 1881.24.
Fundamentals:
1:30pm USD Core PCE Price Index m/m
2:45pm USD Chicago PMI
Comment: Gold was down on Friday morning in Asia as a strengthening dollar and rising U.S. yields pressured the yellow metal. Investors also await crucial U.S. inflation data that will be released later in the day. U.S. Federal Reserve Bank of Dallas President Robert Kaplan warned that the labour market was tighter than levels of employment suggest. Kaplan’s colleagues in the central bank had downplayed the impact of rising inflation in comments made throughout the week and pledged to keep a dovish monetary policy for some time.
Analysis: SCRUM Team