Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1852.25 with take profit at 1855.58
Bearish Preference:
Sell position is envisaged if price trades below 1844.34 with take profit at 1840.93
Fundamentals:
12:45pm EUR Main Refinancing Rate
EUR Monetary Policy Statement
1:30pm EUR ECB Press Conference
USD Unemployment Claims
Comment:
U.S. bond yields edged up and a surging dollar pushed to a two-decade high against the yen on Thursday as investors worried about the impact of rate rises ahead of a European Central Bank meeting later in the day. Moves were relatively muted ahead of the ECB meeting, which is set to bring an end to the bank’s Asset Purchase Programme and signal rate hikes to combat rising inflation. Many investors were holding to the sidelines. Adding to concern over European inflation, data showed the euro zone economy grew much faster in the first quarter than the previous three months, despite the war in Ukraine.
Analysis: SCRUM Team