Daily Market Analysis 03/12/2021: GOLD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 1777.72 with take profit at 1780.32.
Bearish Preference: 
Sell position is envisaged if price trades below 1765.21 with take profit at 1762.38.
Fundamentals:2:30pm USD Average Hourly Earnings m/m
USD Non-Farm Employment Change
USD Unemployment Rate
4:00pm USD ISM Services PMI

Comment: With virus nerves subsiding and the Fed-taper stronger US dollar story reasserting itself, gold continued to take a standing 8-count, remaining near its weekly lows. Fed officials speaking on Thursday joined Chair Jerome Powell in striking a hawkish stance, with San Francisco Fed President Mary Daly saying it may be time to “start crafting a plan” to raise rates to combat inflation, and Richmond Fed President Thomas Barkin throwing his support behind “normalising policy.”

Analysis: SCRUM Team

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