Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1829.40 with take profit at 1831.40
Bearish Preference:
Sell position is envisaged if price trades below 1818.27 with take profit at 1816.27
Fundamentals:
2:30pm USD PPI m/m USD Core PPI m/m
3:00pm USD Fed Chair Powell Speaks
7:01pm USD 10-y Bond Auction
Comment: A lower US dollar overnight helped gold advance slightly higher, enabling it to hold on to its substantial gains from the Friday session. With US bond yields trading on the heavy side and seemingly set to range in the days ahead, and with a downside US dollar correction underway, gold now has a realistic chance of advancing further still in the days ahead.
Analysis: SCRUM Team