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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1731.55 with take profit at 1733.40.
Bearish Preference:
Sell position is envisaged if price trades below 1727.50 with take profit at 1724.26
Fundamentals:
1:30pm USD Core Retail Sales m/m
USD Retail Sales m/m
Comment: The gold market is clearly expecting the Fed to reaffirm their dovish commitment. Treasury yields remain elevated and expectations are high that the Fed’s hand will be forced sometime soon. For decades, gold was touted as the best store of value whenever there were worries about inflation. Yet, in recent months, it was deliberately prevented from being the go-to asset for investors as Wall Street banks, hedge funds and other actors shorted the metal while pushing up U.S. bond yields and the dollar instead. The precious metals upswing is unfolding, and decreased sensitivity to rising yields is a pleasant sight for the bulls.
Analysis: SCRUM Team
