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Instrument: GOLD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1897.66 with take profit at 1903.35 .
Bearish Preference:
A Sell position is envisaged if price trades below 1887.13 with take profit at 1881.92 .
Fundamentals:
3:45pm USD Flash Manufacturing PMI
USD Flash Services PMI
4:00pm USD CB Consumer Confidence
Comment:
GOLD has bounced due to risk off as the Russia-Ukraine crisis continues. The prevalent trend was bearish that has turned into a crisis induced bullish trend. Stagflation or a Russian invasion of the Ukraine, gold should be a winner in the coming days and weeks. Initial support should hold at USD 1880.00, while gold looks set to test resistance at USD 1920.00 an ounce sooner, rather than later. That opens USD 1960.00 and then USD 2000.00 an ounce. As a stagflation/inflation hedge, or as a hedge against uncertainty, gold appears poised to come into its own and a retest of the previous all-time highs near USD 2100.00 an ounce can not be ruled out.
Analysis: SCRUM Team
