Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1865.36 with take profit at 1867.03.
Bearish Preference:
Sell position is envisaged if price trades below 1857.90 with take profit at 1856.30.
Fundamentals:
None with high impact on the commodity
Comment: Gold holding near highs on inflation concerns Gold is continuing to consolidate between USD 1,850 and USD 1,875 after rallying strongly earlier this month. High inflation is continuing to support the yellow metal and is currently stopping this consolidation turning into more of a correction. As it stands, a run towards USD 1,900 still looks likely as the trend remains bullish but a break below USD 1,850 could lead to a little more softness in the near term.
Analysis: SCRUM Team