Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1790.75 with take profit at 1792.24
Bearish Preference:
Sell position is envisaged if price trades below 1781.83 with take profit at 1780.37
Fundamentals:
No major fundamental
Comment:
Unlike the price action in June, gold attempts to push above the moving average as it retraces the decline following the US Non-Farm Payrolls (NFP) report, and the precious metal may work its way towards the July high ($1814) takes out the monthly high ($1795). However, the update to the US Consumer Price Index (CPI) may curb the recent advance in the price of gold even though the headline reading is expected to narrow in July as the core rate of inflation is anticipated to increase to 6.1% from 5.9% per annum in June.
Analysis: SCRUM Team