Instrument: GOLD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 1913.24 with take profit at 1916.68
Bearish Preference:
A Sell position is envisaged if the price trades below 1908.59 with take profit at 1904.89
Fundamentals:
No major fundamental affecting the instrument.
Comment:
Gold prices recovered slightly from a two-day losing streak on Thursday amid growing uncertainty over a potential recession and the path of U.S. monetary policy, while copper prices were steady on growing optimism over a Chinese economic recovery. U.S. retail sales and industrial production data for December read weaker than expected on Wednesday, ramping up concerns over a broader economic slowdown in the country as it struggles with tight monetary policy and relatively high inflation.
Analysis: SCRUM Team