Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1834.70 with take profit at 1837.06.
Bearish Preference:
Sell position is envisaged if price trades below 1823.67 with take profit at 1821.25.
Fundamentals:
1:30pm USD Core PCE Price Index m/m
2:45pm USD Chicago PMI
3:00pm USD Revised UoM Consumer Sentiment
Comment: Gold was down on Friday morning in Asia. However, the yellow metal remained near a two-week high and is set to end the week with its biggest weekly gains since May 21 over signs that the U.S. Federal Reserve is unlikely to begin asset tapering and hike interest rates in the short term. The dollar, which usually moves inversely to gold, edged up on Friday but remained near the one-month low hit during the previous session. Investors continue to digest the Fed’s comment that the labour market still had “some ground to cover” before beginning asset tapering as it handed down its policy decision on Wednesday.
Analysis: SCRUM Team