Daily Market Analysis 05.12.2022: GOLD

Instrument: GOLD

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 1803.62 with take profit at 1805.67
Bearish Preference: 
Sell position is envisaged if price trades below 1794.70 and take profit at 1792.14
4:00pm USD ISM Services PMI

Gold prices were steady on Monday despite stronger-than-expected U.S. jobs data indicating more potential interest rate hikes, while copper prices rose as more Chinese cities relaxed COVID-19 restrictions, raising hopes for a full reopening.

Analysis: SCRUM Team

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