Instrument: GOLD
Bullish Preference:
A buy position is envisaged if the price trades above 2052.78 With take profit at 2057.32
Bearish Preference:
A sell position is envisaged if the price trades below 2037.06 with Take profit at 2027.90
Fundamentals:
2:30pm USD Prelim GDP q/q
USD Prelim GDP Price Index q/q
Comment:
Gold prices rose in Asian trade on Wednesday, reaching a near seven-month high as a string of dovish signals from Federal Reserve officials ramped up bets on an early pivot by the central bank.
A drop in the dollar– to near four-month lows, benefited the yellow metal, as did retreating U.S. Treasury yields. The 10-year rate fell to a two-month low in Asian trade.
Caution before a string of key economic readings this week- from the U.S. and China- also kept safe haven demand for gold upbeat, especially as a several weak readings from Japan and the euro zone fed concerns over a global economic slowdown
Analysis: SCRUM Team