Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1748.01 with take profit at 1752.01
Bearish Preference:
Sell position is envisaged if price trades below 1739.90 with take profit at 1736.96
Fundamentals:
No major fundamentals
Comment:
Gold’s recovery earlier this morning is looking good. The direction of travel though is clear, that the bears are in control and likely will push lower until physical buyers establish a price floor. Gold is also seeing some relief from a correction in the U.S. dollar which appears to be topping out, although this is partially offset by modestly higher 10-year Treasury Yields.
Analysis: SCRUM Team