Instrument: GOLD
Bullish Preference:
Buy position is envisaged if price trades above 18347.08 With take profit at 1855.78
Bearish Preference:
Sell position is envisaged if price trades below 1881.60 with Take profit at 1796.70
Fundamentals:
1:15pm USD ADP Non-Farm Employment Change
3:00pm USD ISM Services PMI
Comment:
Gold and silver futures continued their downward trend for the seventh consecutive day on Wednesday, influenced by the surge in US yields. Gold traded below Rs 57,000 per 10 grams, marking a decrease in MCX gold futures for December 5 to Rs 56,845 per 10 grams. Similarly, silver futures for the same date also witnessed a drop, settling at Rs 67,046 per kilogram.
However, Praveen Singh expressed a weak outlook for gold in the current market scenario. The ongoing decline in gold and silver futures underlines the impact of rising US yields on global markets. The future trajectory of these precious metals will depend on how market dynamics evolve in response to these macroeconomic factors.
Analysis: SCRUM Team