Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1908.18 with take profit at 1912.17.
Bearish Preference:
Sell position is envisaged if price trades below 1897.29 with take profit at 1893.15.
Fundamentals:
2:30pm USD Core PCE Price Index m/m
Comment:
Gold had a frenetic session overnight, trading in a nearly USD 100 range, rising from USD 1910.00 to USD 1975.00 an ounce, whilst touching support at USD 1880.00 intraday. It was clear that a lot of fast money, and not haven money, got involved in the intraday price action yesterday as gold staged a spectacular fall from its highs after the Western sanctions were perceived as limited in scope.
Analysis: SCRUM Team