Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1812.68 with take profit at 1815.80.
Bearish Preference:
Sell position is envisaged if price trades below 1800.54 with take profit at 1797.14.
Fundamentals:
3:45pm USD Flash Manufacturing PMI
USD Flash Services PMI
Comment: Gold prices are putting in an aggressively bearish move this morning, seemingly driving on the news that FOMC Chair Jerome Powell has been nominated for a second term. And while few would consider Chair Powell a ‘hawk,’ the fact that this move has printed so cleanly off of that headline indicates that it has something to do with Gold prices falling through the key support level at 1834.
Analysis: SCRUM Team