Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1807.54 with take profit at 1809.85.
Bearish Preference:
Sell position is envisaged if price trades below 1797.86 with take profit at 1794.32.
Fundamentals:
No major fundamental.
Comment: Gold prices fell alongside stocks on Friday as a disappointing US consumer confidence survey from the University of Michigan sent markets scrambling. The headline sentiment gauge unexpectedly dropped to a five-month low. As noted ahead of the release, rising prices emerged as a key concern. The survey’s tracking of one-year inflation expectations put the projected rate at 4.8 percent, the highest in 13 years. Shares fell and haven demand buoyed the US Dollar, applying pressure on perennially anti-fiat bullion.
Analysis: SCRUM Team
