Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1648.88 with take profit at 1652.83
Bearish Preference:
Sell position is envisaged if price trades below 1639.96 with take profit at 1635.26
Fundamentals:
3:00pm USD Pending Home Sales m/m
3:10pm USD FOMC Member Bullard Speaks
3:15pm USD Fed Chair Powell Speaks
Comment:
European stock markets weakened Thursday as surging German inflation increased concerns of more aggressive monetary policy tightening, while the boost from the Bank of England’s invention faded. Investors have been rattled in recent weeks by soaring bond yields, as central bankers raised interest rates substantially to contain red-hot inflation, potentially tipping the global economy into recession.
Analysis: SCRUM Team