Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades 1776.08 above with take profit at 1778.07.
Bearish Preference:
Sell position is envisaged if price trades below 1769.13 with take profit at 1767.32.
Fundamentals:
2:30pm USD CPI m/m
USD Core CPI m/m
Comment: Gold had another uninspiring night as it remains marooned in a USD 1770.00 to USD 1800.00 an ounce range. Gold fell by 0.40% to USD 1775.00 an ounce as the US dollar strengthened, edging higher to 1778.00 in Asia. Gold’s price action continues to disappoint, unable to rally on either a weaker or stronger US dollar, heightened or lessened risk sentiment, or higher or lower US yields.
Analysis: SCRUM Team