Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1788.94 with take profit at 1793.10
Bearish Preference:
Sell position is envisaged if price trades below 1763.75 with take profit at 1751.56
Fundamentals:
2:30pm USD Core Retail Sales m/m
USD Empire State Manufacturing Index
USD Retail Sales m/m
Comment:
European stock markets are expected to open lower Thursday, after hawkish rhetoric from the U.S. Federal Reserve and amid caution ahead of more central banks meetings in Europe and the U.K. The Fed concluded its last policy-setting meeting of the year on Wednesday, increasing interest rates by 50 basis points, as widely expected, a step down after delivering four consecutive 75 bps hikes, but signaled more increases by the end of 2023. Additionally, Fed Chair Jerome Powell warned that borrowing costs are likely to peak at higher-than-expected levels, given that inflation is still running well above the central bank’s target range.
Analysis: SCRUM Team
