Instrument: GOLD
Bullish Preference:
A Buy position is envisaged if the price trades above 1995.55 With take profit at 1998.09
Bearish Preference:
A Sell position is envisaged if the price trades below 1988.86 with Take profit at 1987.02
Fundamentals:
USD: FOMC Meeting Minutes 8PM
Comment:
Gold rose last week to end a two-week run of losses but Friday’s price action laid the ground for a potential move lover this week. Friday’s extended upper wick revealed the early sign of a possible pullback developing at the start of this week.
Gold prices rose sharply on Tuesday, tracking a weaker dollar and Treasury yields as markets priced in no more rate hikes from the Federal Reserve, with the minutes of central bank’s recent meeting now due later in the day.
Among industrial metals, copper prices sat on strong gains amid improving sentiment towards major importer China, while disruptions at major mines in Peru and Panama also pointed to tighter supplies.
Analysis: SCRUM Team