Instrument: Gold
Bullish Preference:
A buy position is envisaged if price trades above 2042.07 with take profit at 2049.29
Bearish Preference:
A sell position is envisaged if price trades below 2023.25 with take profit at 2017.10
Fundamentals:
2:30pm
USD Unemployment Claims
Comment:
Investors are preparing to closely parse through the remaining batch of labor market numbers this week, including jobless claims on Thursday and the all-important monthly employment report on Friday. Today’s data will serve as a precursor to the main event on the economic calendar this week: the publication of the closely-watched non-farm payrolls report for November.
The yellow metal appeared to have settled into a trading range of between $2,020 and $2,050 an ounce after briefly surging to record highs above $2,100 at the beginning of the week. Gold is expected to benefit from any signals of a less hawkish Fed and a cooling labor market. The yellow metal has comfortably held the $2,000 level since late November, which could herald more strength in the coming weeks.
Analysis: SCRUM Team