Instrument: GOLD
Bullish Preference:
A buy position is envisaged if the price trades above 1953.53 with take profit at 1955.43
Bearish Preference:
A sell position is envisaged if the price trades below 1944.81 with take profit at 1942.84
Fundamentals:
1:15pm USD ADP Non-Farm Employment Change
Comment:
Gold price (XAU/USD) bounced back after gauging intermediate support near its three-week low around $1,940.00 on Wednesday. The precious metal discovers support as the impact of a decline in gold demand reported by the World Gold Council (WGC) fades and the United States Manufacturing PMI continues its contracting spell for the third quarter in a row.
Analysis: SCRUM Team