Instrument: Gold
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1826.07 with take profit at 1834.06.
Bearish Preference:
Sell position is envisaged if price trades below 1800.54 with take profit at 1789.24.
Fundamentals:
1:30 pm USD Philly Fed Manufacturing Index
USD Unemployment Claims
Comment: Gold was down on Thursday morning in Asia but staged a cautious recovery after the yellow metal recorded its biggest drop in five months during the previous session. Investors continue to digest the U.S. Federal Reserve’s latest policy decision that indicated interest rates could be raised sooner than expected. The recovery in gold should be approached with caution as we have yet to see how a change in tone from the Fed will fully play out in markets.
Analysis: SCRUM Team