Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1868.78 with take profit at 1870.79.
Bearish Preference:
Sell position is envisaged if price trades below 1855.48 with take profit at 1852.81.
Fundamentals:
No major fundamental
Comment: Gold blasted through $1835 resistance yesterday after US October CPI recorded the highest print in over 30 years. While the rally was supported by US 10-year real yields, which in the immediate aftermath dropped to a record low, it was the ability to move higher despite seeing the dollar hit a 16 month high that caught some attention. Potentially a sign the market is finally waking up to the fact inflation is a longer-term problem and that gold has some catching up to do relative to current real yield levels.
Analysis: SCRUM Team
