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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1817.16 with take profit at 1818.59.
Bearish Preference:
Sell position is envisaged if price trades below 1812.36 with take profit at 1810.70
Fundamentals:
1:30PM USD Unemployment Claims
6:00PM USD FOMC Member Bostic Speaks
8:00PM USD FOMC Member Daly Speaks
Comment: Gold finished another session unchanged for the 3rd day in a row, closing at USD 1814.00 an ounce overnight. It continues to trade aimlessly in a narrow range in Asia, easing 0.15% to USD 1811.60 an ounce. For now, gold appears to be off investors’ radars, but my concerns that upward momentum is stalling are increasing. After the V-shaped recovery last week, gold has been unable to break out of the confines of its 100 and 200-DMAs, today at USD 1814.50 and USD 1809.40 an ounce, respectively. Notably, it has failed to find any upward momentum from the US dollar retreat this week, which is a significant warning sign of a loss of upward momentum.
Analysis: SCRUM Team
