Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1886.33 with take profit at 1889.32.
Bearish Preference:
Sell position is envisaged if price trades below 1875.49 with take profit at 1872.00.
Fundamentals:
USD 1:30PM CPI m/m
1:30PM Core CPI m/m
1:30PM Unemployment Claims
Comment: The yellow metal suffered significant losses at the fourth trading session of the week largely because global investors are flocking into the safe-haven currency as investors await U.S inflation data arbitrarily pushed gold futures as low as $1,879 per ounce at the time of filing this report. Metal traders have their minds focused on the Consumer Price Index report, known for measuring changes in inflation and purchasing trends including jobless claims data, due later in the day, to get further insights on the world’s largest economic growth and direction of the U.S Apex Bank’s monetary strategy.
Analysis: SCRUM Team