Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1761.92 with take profit at 1763.95
Bearish Preference:
Sell position is envisaged if price trades below 1755.98 with take profit at 1753.60
Fundamentals:
3:00pm USD JOLTS Job Openings
6:01pm USD 10-y Bond Auction
Comment: Gold was up on Tuesday morning in Asia, after trading flat as the Asian session opened. The dollar also inched upwards over wide expectations that the U.S. Federal Reserve will begin asset tapering in November 2021. The dollar, which normally moves inversely to gold, inched up on Tuesday and remained near a one-year high touched in September. Surging energy prices and wide expectations that the U.S. Federal Reserve will soon begin asset tapering contributed to the dollar’s rally.
Analysis: SCRUM Team