Instrument: GOLD
Bullish Preference:
A buy position is envisaged if the price trades above 1982.09 With take profit at 1984.43
Bearish Preference:
A sell position is envisaged if the price trades below 1978.65 with Take profit at 1976.07
Fundamentals:
1:30pm USD Advance GDP q/q
USD Unemployment Claims
Comment:
European stock futures higher; ECB meeting firmly in spotlight. European stock markets are expected to open higher Thursday, as investors digest comments from Fed Chair Jerome Powell ahead of the latest European Central Bank meeting. The U.S. Federal Reserve raised interest rates by a quarter of a percentage point on Wednesday, as widely expected, marking the central bank’s 11th rate increase in its last 12 meetings. While Fed Chair Jerome Powell kept open the possibility of a further hike later in the year, confidence is growing that this could be the last increase of the cycle. Additionally, Powell noted that the central bank no longer expects a U.S. recession, raising the possibility of a so-called soft landing for the largest economy in the world and a major global growth driver.
Analysis: SCRUM Team