Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1829.91 with take profit at 1831.67
Bearish Preference:
Sell position is envisaged if price trades below 1824.09 with take profit at 1822.33
Fundamentals:
3:00PM US DOLLARS: CB Consumer Confidence
Comment:
Gold prices have edged lower in recent days, descending towards symmetrical triangle support in place since the end of April. The fundamental outlook remains bearish, as rising US real yields – nominal Treasury yields less inflation expectations – continue to move up. The outlook holds that “any short-term rallies by gold prices retain a ‘sell the rally’ mindset, particularly as gold prices don’t have a bullish seasonality tendency in June.”
Analysis: SCRUM Team