Instrument: GOLDs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1797.13 with take profit at 1799.55
Bearish Preference:
Sell position is envisaged if price trades below 1789.72 with take profit at 1787.75
Fundamentals:
1:30pm USD PPI m/m
USD Core PPI m/m
USD Unemployment Claims
Comment: The dollar slide continued Wednesday following consumer price index data that showed a continued rise in prices, increasing market expectations for a potential rate hike. The news has seen the dollar weaken against all of the other major currencies on Wednesday, with the dollar index, which measures the currency against a basket of foreign currencies, falling over 0.4% and moving lower from the 13-month high it posted earlier this week.
Analysis: SCRUM Team