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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1834.57 with take profit at 1837.00
Bearish Preference:
Sell position is envisaged if price trades below price 1826.15 with take profit at 1824.53
Fundamentals:
USD: 1:30pm PPI m/m
Comment:
Gold prices collapsed during Monday’s Wall Street session as traders returned after a weekend of digesting the latest inflation data. Last Friday, the US consumer price index (CPI) reignited fears about persistent inflation, despite the Federal Reserve already hiking rates earlier this year. Markets are pricing in a solid chance for a 75-basis-point rate hike on Wednesday when the FOMC interest rate decision crosses the wires.
Analysis: SCRUM Team
