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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1747.05 with take profit at 1749.56
Bearish Preference:
Sell position is envisaged if price trades below 1734.95 with take profit at 1731.63
Fundamentals:
3PM USD: Fed Chair Powell Testifies
Comment: Gold prices are muted through the start of the trading week, with a lack of potential risk events leaving the yellow metal susceptible to prevailing risk trends. A surge in Treasury yields resulting from last week’s FOMC decision is weighing on prices. Higher government bond yields tend to dissuade holding the non-interest-bearing asset. The benchmark 10-year note’s yield is trading at 1.5% – the highest level since June. Gold prices have plunged more than 5.1% off the September highs with the sell-off taking XAU/USD back into key technical support.
Analysis: SCRUM Team
