Instrument: GOLD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 1908.84 with take profit at 1912.61
Bearish Preference:
A Sell position is envisaged if the price trades below 1898.87 with take profit at 1894.29
Fundamentals:
2:30PM USD: CPI m/m
Core CPI m/m
Comment:
Gold made a six-week high overnight as the fallout from the failure of Silvergate Financial Corp., SVB Financial and Signature Bank continues to ricochet through markets. The US Dollar has been hit hard, undermined by the Treasury yields protracted retreat with the 2-year note trading more than 100 basis points lower from its 15-year peak above 5% last week, touching 3.94% yesterday.
Analysis: SCRUM Team