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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1739.60 with take profit at 1741.60.
Bearish Preference:
Sell position is envisaged if price trades below 1722.55 with take profit at 1720.55.
Fundamentals:
1:30pm USD CPI m/m
USD Core CPI m/m
Comment: Gold was up on Wednesday morning in Asia but a strengthening dollar and rising bond yields capping gains for the yellow metal. The U.S. Senate also passed a huge infrastructure plan on Tuesday, which will now be voted on by the House of Representatives. The news sent U.S. Treasury yields to their highest levels since mid-July 2021 and U.S. shares also closed at record highs.
Analysis: SCRUM Team
