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Instrument: GOLDs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1899.84 with take profit at 1902.45.
Bearish Preference:
Sell position is envisaged if price trades below 1891.08 with take profit at 1889.06.
Fundamentals:
3:00pm USD ISM Services PMI
Comment: Gold was down on Thursday morning in Asia, but remained near five-year highs. investors digested China’s Caixin services economic data and now await key U.S. economic data to further gauge the economic outlook.
The dollar, which usually moves inversely to gold, inched up on Wednesday and the benchmark 10-year U.S. Treasury yield slipped below 1.60%.
Analysis: SCRUM Team
