Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1769.70 with take profit at 1771.51.
Bearish Preference:
Sell position is envisaged if price trades below 1765.38 with take profit at 1763.42.
Fundamentals:
2:15PM USD: Industrial Production m/m
Comment: Gold has given back nearly all of last Wednesday’s post-CPI release rally and is now back at an important chart level that has steered price action over the last few weeks. The precious metal’s main driver remains the US dollar which in turn is being driven by US Treasury yields and future inflation expectations.
Analysis: SCRUM Team