Daily Market Analysis 06.10.2022: GOLD

Instrument: GOLD

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 1733.04 with take profit at 1741.02
Bearish Preference: 
Sell position is envisaged if price trades below 1716.58 with take profit at 1706.61
No major fundamental 

Earlier this week, U.S. job openings data suggesting that the labor market and economy were slowing as well as the Reserve Bank surprise move to raise rates by only 25 basis points fuelled hopes of less aggressive interest rate hikes by central banks and lifted risk sentiment. The optimism that buoyed financial markets earlier this week receded as U.S. data continued to articulate the need for further, decisive central bank policy action, as attention is now firmly focused on the September labour market report.

Analysis: SCRUM Team

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