Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1800.98 with take profit at 1803.98.
Bearish Preference:
Sell position is envisaged if price trades below 1794.65 with take profit at 1791.32.
Fundamentals:
2:15pm USD ADP Non-Farm Employment Change
Comment: Gold is bouncing back as expectations for aggressive global central bank tightening eased after the RBA showed they are in no rush to raise rates and as some traders doubt the Fed will kickoff tightening with a half-point increase. Gold also got a boost on fears that nonfarm payrolls would have a big miss after White House press secretary Psaki said around 9 million people called out sick in early January.
Analysis: SCRUM Team