Instrument: GOLD
Bullish Preference:
Buy position is envisaged if the price trades above 1898.24 With take profit at 1901.46.
Bearish Preference:
Sell position is envisaged if the price trades below 1893.62 with take profit at 1890.71.
Fundamentals:
1:30PM USD Unemployment Claims
Comment:
Gold prices steadied in Asian trade on Thursday, and were nursing three days of losses as hawkish signals from the Federal Reserve boosted the dollar and heralded more pain for the yellow metal.
The yellow metal saw little safe-haven demand despite increasing concerns over a Chinese economic slowdown, with the prospect of higher yields keeping traders positioned largely in the dollar.
Analysis: SCRUM Team