Instrument: US100
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 11647.29 with take profit at 11656.68
Bearish Preference:
A Sell position is envisaged if the price trades below 11607.39 with take profit at 11597.66
Fundamentals:
2:30pm USD Core PPI m/m
USD Core Retail Sales m/m
USD PPI m/m
USD Retail Sales m/m
Comment:
A new year rally in gold prices appeared to have run out of steam, with the yellow metal hovering below an eight-month high on Wednesday as markets hunkered down before a slew of Federal Reserve speakers and U.S. economic data due this week. While expectations of a less hawkish Fed and a potential recession spurred strong gains in gold over the past two weeks, traders are now awaiting more signals to confirm this trend. Addresses from several Fed officials are due this week, the most notable being Vice Chair Lael Brainard on Thursday. A barrage of U.S. economic readings is also set to shed more light on how the world’s largest economy performed through December, starting with producer price index inflation, retail sales, and industrial production data due later on Wednesday.
Analysis: SCRUM Team