Instrument: GOLD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 1920.10 with take profit at 1924.99
Bearish Preference:
A Sell position is envisaged if the price trades below 1902.08 with take profit at 1899.36
Fundamentals:
1:30pm USD Core PPI m/m USD Core Retail Sales m/m
USD Empire State Manufacturing Index
USD PPI m/m
USD Retail Sales m/m
Comment:
Gold prices edged lower on Wednesday after falling from a six-week high in the prior session, as a mixed reading on U.S. inflation brewed some uncertainty over the Federal Reserve’s stance on monetary policy, while concerns over a banking crisis in the country persisted. U.S. consumer inflation eased as expected in February, data showed on Tuesday, but core inflation unexpectedly rose from the prior month – keeping the pressure on the Fed to tighten policy further.
Analysis: SCRUM Team