Instrument: GOLD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 1873.64 with take profit at 1874.43.
Bearish Preference:
A Sell position is envisaged if the price trades below price 1870.18 with take profit at 1869.46.
Fundamentals:
None with high impact
Comment:
Gold prices, and to a lesser extent silver, have been focusing on the upside in recent weeks as traders increasingly looked to a less hawkish Federal Reserve in the medium term. Now, all eyes this week turn to December’s US CPI report. Recently, softer average hourly earnings and disappointing ISM services data likely helped set a softer expectation for the inflation data. Gold prices have reached the key 1879 – 1869 resistance zone which was established back in June 2022.
Analysis: SCRUM Team
