Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1853.15 with take profit at 1856.55
Bearish Preference:
Sell position is envisaged if price trades below 1843.27with take profit at 1840.20
Fundamentals:
2:15pm USD ADP Non-Farm Employment Change
Comment:
European stock futures edge lower; Eurozone PPI in focus European stock markets are expected to open marginally lower Thursday, as investors digest the broadly hawkish tone from the minutes of the last Federal Reserve meeting ahead of the release of key Eurozone inflation data. The main European stock indices have started the new year positively, with both the DAX and CAC 40 gaining over 2% on Wednesday, as the release of better-than-expected inflation data from Germany and France raised hopes that the worst of the cost-of-living crisis in Europe is over. The November Eurozone PPI release is due later in the session, and should provide more clues as to where inflation is headed in Europe.
Analysis: SCRUM Team
