Instrument: Gold
Bullish Preference:
A buy position is envisaged if the price trades above 1908.77 WithTake profit at 1910.71
Bearish Preference:
A sell position is envisaged if the price trades below 1901.20 with Take profit at 1899.26
Fundamentals:
1:30 PM USD Core Retail Sales m/m
Empire State Manufacturing Index
Retail Sales m/m
Comment:
The gold price continues to languish going into Tuesday’s trading session as the US Dollar pursues higher ground, assisted by rising Treasury yields. The metals complex is generally weaker across the board, impeded by the stronger Dollar and deteriorating appetite for risk and growth-orientated assets. Industrial metals have been hit harder than the yellow metal with the outlook for China facing increased scrutiny.
Analysis: SCRUM Team