Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1815.37 with take profit at 1816.92.
Bearish Preference:
Sell position is envisaged if price trades below 1811.27 with take profit at 1809.72.
Fundamentals:
1:15pm USD ADP Non-Farm Employment Change
3:00pm USD ISM Services PMI
Comment: Gold, like the currency markets, appears to be in wait-and-see mode… gold’s price action remains consolidative but structurally positive and I believe that points to further gains ahead. Gold was up on Wednesday morning in Asia. While receiving a boost from a weakening dollar, the yellow metal was stuck in a narrow range as investors await the latest U.S. jobs data.
Analysis: SCRUM Team
