Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1798.47 with take profit at 1800.59
Bearish Preference:
Sell position is envisaged if price trades below 1793.22 with take profit at 1790.35
Fundamentals:
1:30pm USD Core PCE price Index
USD Chicago PMI
3:00pm USD Revised UoM Consumer Sentiment
Comment: Gold was down on Friday morning in Asia, but set for a third consecutive weekly gain. Retreating U.S. bond yields and a dollar headed for a third weekly decline helped to cap losses for the yellow metal. U.S. data released on Thursday showed that the GDP grew a smaller-than-expected 2% quarter-on-quarter, while the GDP price index grew 5.7% quarter-on-quarter, in the third quarter of 2021. Separate data showed that 281,000 initial jobless claims were filed throughout the week. Investors now await the Fed’s policy decision in order to envisage the next move of the yellow metal.
Analysis: SCRUM Team