Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1829.06 with take profit at 1831.92.
Bearish Preference:
Sell position is envisaged if price trades below 1821.17 with take profit at 1817.57.
Fundamentals:
1:30 PM USD Unemployment Claims
Philly Fed Manufacturing Index
Empire State Manufacturing Index
2:30 PM Fed Chair Powell Testifies
Comment: Ahead of more testimony from Federal Reserve Chairman Jerome Powell, key unemployment data as well as more earnings, including from banking giant Morgan Stanley
It’s unlikely that he’ll stray too far from the substance of his comments the previous day, when he stated that the scaling back of the central bank’s aggressive monetary support was still “a ways off.”
On day one of a two-day testimony before the House of Representatives Financial Services Committee on Wednesday, Powell said that monetary policy would remain accommodative. While insisting inflationary pressures were transitory, he added that the Fed expects to continue its bond-buying until there is “substantial further progress” in the job market, predicting that interest rates will likely remain near zero until at least 2023.
Analysis: SCRUM Team