Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1793.73 with take profit at 1796.07.
Bearish Preference:
Sell position is envisaged if price trades below 1785.79 with take profit at 1784.04.
Fundamentals: No major fundamental.
Comment: Gold was down on Monday morning in Asia as the dollar continued to strengthen. Investors now look to U.S. data for further clues on the U.S. Federal Reserve’s timetable to begin asset tapering. Gold futures closed lower on Friday as investors continued to wait for clarity over the U.S. Federal Reserve’s tapering timeline. Although most major investors are likely keeping their power dry ahead of the Fed’s September 21-22 policy meeting, we do know from the recent price action that they are aware of the importance of a pair of 50% levels at $1795.00 and $1800.00. These two prices are controlling the direction of the market.
Analysis: SCRUM Team