Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1862.43 with take profit at 1866.45
Bearish Preference:
Sell position is envisaged if price trades below 1850.17 with take profit at 1845.54
Fundamentals:
No major Fundamental.
Comment:
The price of gold cleared the March low ($1890) as it trades below the 50-Day SMA ($1940) for the first time since February, with the precious metal taking out the April low ($1872) amid the failed attempt to push back above the Fibonacci overlap around $1916 (38.2% expansion) to $1929 (23.6% retracement).
Analysis: SCRUM Team