Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1852.71 with take profit at 1854.51
Bearish Preference:
Sell position is envisaged if price trades below 1848.61 with take profit at 1846.86
Fundamentals:
1:15pm USD ADP Non-Farm Employment Change
1:30pm USD Unemployment Claims
6:00pm USD FOMC Member Mester Speaks
Comment:
Inflation, recession worries drag down Gold on an uncertainty Supported by Lower U.S. Yields but Pressured by Strengthening Dollar Gold was down on Thursday morning in Asia, with the yellow metal caught between support from slightly lower U.S. Treasury yields and pressure from a firm dollar. Prices are consolidating now, GoldSilver Central MD Brian Lan said, adding that trading in this range could continue with some investors sitting on the sidelines due to an absence of major news. Investors are also awaiting gold’s reaction to Shanghai’s lifting of lockdowns. While there could be pent-up demand on the physical side, institutions holding large amounts of gold may liquidate to raise funds, according to Lan.
Analysis: SCRUM Team