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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1732.69 with take profit at 1735.02.
Bearish Preference:
Sell position is envisaged if price trades below 1724.08 with take profit at 1721.95.
Fundamentals:
1:30pm USD CPI m/m
USD Core CPI m/m
Comment: Everything now rests with this evening’s US inflation data and whether a surprise deviation causes a move in the US yield curve, one way or the other. The risks are to the upside with inflation, and thus gold probably faces more headwinds in the coming sessions this week.
Having been led to water so often by gold’s promised nirvana, only to find the watering hole contaminated, it is clear that long-suffering bullish gold investors have no appetite to wear any pain on recent long positions. With momentum fading as the US 10-year yield remained unchanged again.
Analysis: SCRUM Team
