Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1876.35 with take profit at 1883.37.
Bearish Preference:
Sell position is envisaged if price trades below 1866.50 with take profit at 1859.32.
Fundamentals:
2:30pm USD Core Retail Sales m/m
USD Retail Sales m/m
3:15pm USD Industrial Production m/m
Comment: November holds more inflation reports due from G10 economies, which can further boost the safe haven. However, speeches from multiple European Central Bank (ECB) and Federal Reserve policymakers could determine whether the bullish gold will remain on an uptrend directory. Gold futures began trading with high volatility. Despite a stronger dollar greenback which typically moves inversely to the precious metal, the safe haven traded 0.98% higher to value at $1,794 per ounce.
Analysis: SCRUM Team