Instrument: GOLD
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above price 1804.93 with take profit at price 1807.04.
Bearish Preference:
A sell position is envisaged if price trades below price 1798.86 with take profit at price 1796.75.
Fundamentals: None with High Impact on the commodity
Comment: Gold was down this morning in Asia, but remained above the $1,800-mark. Investors digested a weaker-than-expected rise in U.S. inflation that added to uncertainty over the Federal Reserve’s timeline to begin asset tapering. U.S. data released on Tuesday showed that the core consumer price index (CPI) grew 4% year-on-year and 0.1% month-on-month in August. The monthly increase was the smallest gain in six months, suggesting that inflation could have reached its peak. However, it could remain high for a while amid persistent supply constraints.
Analysis: SCRUM Team