Instrument: GOLD
Bullish Preference:
A Buy position is envisaged if the price trades above 1950.41 with take profit at 1954.54
Bearish Preference:
A Sell position is envisaged if the price trades below 1944.22 with take profit at 1939.62
Fundamentals:
2:30pm USD Unemployment Claims
8:00pm USD Fed Chair Powell Speaks
Comment:
Gold prices hit three-week low as Fed uncertainty persists.
Gold prices fell to a more-than three-week low on Thursday, extending a rash of recent losses after several Federal Reserve officials warned against bets that the central bank was done raising interest rates.
The yellow metal was headed for a fourth straight day in red, amid continued pressure from a rebound in the dollar and Treasury yields. Waning safe haven demand for gold also dented prices, as markets priced in a much lower risk premium from the Israel-Hamas war.
Analysis: SCRUM Team