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Technical Analysis
Bullish Preference:
Buy is envisage if price trades above 1779.55 with take profit at 1782.96.
Bearish Preference:
Sell is envisaged if price trades below 1771.17 with take profit at 1768.68.
Fundamentals:
USD 1:30PM Advance GDP q/q
Advance GDP Price Index q/q
Unemployment Claims
3:00PM Pending Home Sales m/m
Comment: Gold was up on Thursday morning in Asia on the back of the U.S. Federal Reserve maintaining its easy monetary policy as it handed down its latest policy decision. A weakening dollar provided further support to the safe-haven yellow metal.
The Fed’s stance comes even as the U.S. continues its economic recovery from COVID-19. However, the U.S. trade deficit in goods climbed to a record high in March 2021, an indication that trade was a drag on economic growth in the first quarter of the year. This was in turn offset by domestic demand amid unprecedented government aid.
Analysis: SCRUM Team
