Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1848.17 with take profit at 1849.91
Bearish Preference:
Sell position is envisaged if price trades below price 1840.42 with take profit at 1838.86
Fundamentals:
No Major Fundamental
Comment:
The price of gold snaps the recent series of higher highs and lows amid the broad based weakness across precious metals, and developments coming out of the US may sap the appeal of bullion as the Consumer Price Index (CPI) is expected to show easing price pressures. Even though the headline reading is anticipated to hold steady at 8.3% per annum in May, the core rate of inflation is seen narrowing to 5.9% from 6.2% the month prior, and the development may keep the Federal Reserve on track to implement higher interest rates throughout 2022 as “most participants judged that 50 basis point increases in the target range would likely be appropriate at the next couple of meetings.”
Analysis: SCRUM Team