Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1894.83 with take profit at 1899.45
Bearish Preference:
Sell position is envisaged if price trades below 1879.50 with take profit at 1875.07
Fundamentals:
1:30pm USD Advance GDP q/q
Advance GDP Price Index q/q
Unemployment Claims
Comment:
Gold prices fell to a 10-week low on Thursday, as an elevated U.S. dollar hurt demand for greenback-priced bullion, while an impending Federal Reserve interest rate hike also dented the metal’s appeal as an inflation hedge. Gold has been holding very well above $1,900, but has seen pressure from the dollar, and the underlying factor of the U.S. Federal Reserve being expected to raise interest rates by 50 basis points next week, said Brian Lan, managing director at dealer GoldSilver Central.
Analysis: SCRUM Team