Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1776.82 with take profit at 1780.56
Bearish Preference:
Sell position is envisaged if price trades below 1767.87 with take profit at 1764.80
Fundamentals:
3:00pm USD: CB Consumer Confidence
Comment:
The recent recovery in the price of gold looks poised to persist as US Treasury yields remain under pressure, and bullion may continue to retrace the decline from the July high ($1814) as the threat of a US recession puts pressure on the Federal Reserve to implement smaller rate hikes.
Analysis: SCRUM Team