Instrument: GOLD
Bullish Preference:
A buy position is envisaged if the price trades above 1893.51 with take profit at 1895.53.
Bearish Preference:
A sell position is envisaged if the price trades below 1890.00 with take profit at 1888.00.
Fundamentals:
No major Fundamental
Comment:
Gold prices rose slightly on Monday, steadying after steep losses over the past four weeks as markets awaited more cues on U.S. monetary policy, while copper prices were flat after a Chinese interest rate cut missed expectations. Gold prices somewhat trimmed recent losses after tumbling below the key $1,900 an ounce level, seeing some safe haven demand as slowing growth in China also weighed on sentiment. The People’s Bank of China largely missed market expectations with changes to its loan prime rate (LPR) on Monday.
Analysis: SCRUM Team