Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1764.60 with take profit at 1766.69
Bearish Preference:
Sell position is envisaged if price trades below 1755.38 with take profit at 1753.29
Fundamentals:
No major fundamental
Comment:
Spot gold fell 0.2% to $1,752.08 an ounce, while gold futures fell 0.2% to $1,751.85 an ounce. Gold prices saw mild backwardation, where spot prices traded higher than futures prices, as the expiration of the December contract grows closer. Signals from the Fed that it will hike interest rates at a slower pace in the coming months was a positive sign for gold prices, with the yellow metal rallying sharply in the past two weeks. But uncertainty over where U.S. interest rates will peak spurred some profit taking in bullion prices, especially with U.S. inflation still trending well above the Fed’s target range.
Analysis: SCRUM Team