Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1819.23 with take profit at 1821.87.
Bearish Preference:
Sell position is envisaged if price trades below 1809.52 with take profit at 1807.23
Fundamentals:
1:15pm USD ADP Non-Farm Employment Change
3:00pm USD ISM Manufacturing PMI
Comment: Gold was down on Wednesday morning in Asia. Investors continued their cautious wait for the latest U.S. jobs report, which could provide clues on when the Federal Reserve could begin asset tapering and interest rate hikes.
On the data front, the U.S. Conference Board (CB) consumer confidence index was 113.8, a six-month low, and the S&P/Case-Shiller 20 n.s.a. house price index composite grew a record 19.1% in June. With labor market recovery a requisite for the Fed to begin asset tapering, the focus is squarely on the jobs report, including non-farm payrolls, which is due on Friday.
Analysis: SCRUM Team