Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1730.41 with take profit at 1733.01
Bearish Preference:
Sell position is envisaged if price trades below 1716.48 with take profit at 1712.75
Fundamentals:
USD 1:30PM Unemployment Claims
3PM Fed Chair Powell Testifies
Comment: The dollar hit a fresh one-year high against a basket of peers on Thursday on the growing view that the Federal Reserve will taper its monetary stimulus from November, while a bounce in iron ore prices boosted the commodity-linked Australian dollar. The safe-haven greenback has made sharp gains over the last two sessions on concern the Fed could begin withdrawing its economic support as global growth slows and inflation is high. Spikes in bond yields have added to the currency’s strength.
Analysis: SCRUM Team