Instrument: GOLD
Technical Analysis
Bullish Preference:
Bullish Preference: A Buy position is envisaged if price trades above 1632.73 with take profit at 1636.69
Bearish Preference:
A Sell position is envisaged if price trades below price 1621.50 with take profit at 1617.16
Fundamentals:
3:00pm USD ISM Services PMI
Comment:
European Stock Futures Lower, with another hefty hike by the Federal Reserve and weak Chinese economic data raised global recession fears ahead of a policy meeting by the Bank of England. The U.S. central bank raised interest rates by 75 basis points on Wednesday, as widely expected, but sentiment was hit when Chair Jerome Powell stated it was “very premature” to think about pausing the rate hiking cycle and that the peak for rates would likely be higher than previously expected.
Analysis: SCRUM Team