Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1885.00 with take profit at 1888.88
Bearish Preference:
Sell position is envisaged if price trades below 1877.38 with take profit at 1871.91
Fundamentals:
2:30pm USD CPI m/m USD CPI y/y
USD Core CPI m/m
Comment:
European stock futures edge higher ahead of U.S. CPI, retail earnings. European stock markets are expected to open marginally higher Thursday, ahead of the release of key U.S. consumer price data as well as more quarterly earnings. More quarterly earnings, largely from the retail sector, are scheduled Thursday from Tesco, Marks and Spencer, ASOS and Persimmon, and investors will be looking to see if these positive numbers can continue given the difficult backdrop caused by a cost-of-living crisis, high inflation and a wave of industrial action. There is little in the way of significant economic data scheduled in Europe Thursday, and all eyes will be on the December U.S. consumer price index later in the session. Investors have been expecting the Federal Reserve to slow the pace of its interest rate hikes when it next meets in early February, but policymakers have been very keen to make clear that such a decision is data dependent. With this in mind, this consumer price index will be a key gauge of their progress in reining in inflation.
Analysis: SCRUM Team
