Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1729.43 with take profit at 1739.24
Bearish Preference:
Sell position is envisaged if price trades below price 1721.79 with take profit at 1718.90
Fundamentals:
1:30pm USD CPI m/m
USD Core CPI m/m
Comment:
Gold was up on Wednesday morning in Asia. The U.S. dollar strengthened ahead of U.S. inflation data for June, which is expected to hit a record high. The CPI data could fuel investors’ expectations for a 75-basis-point interest rate hike by the U.S. Federal Reserve later this month, as the U.S. central bank seeks to tame inflation.
Analysis: SCRUM Team