Instrument: GOLD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1708.95 with take profit at 1714.35
Bearish Preference:
A Sell position is envisaged if price trades below price 1698.45 with take profit at 1693.83
Fundamentals:
1:30pm USD Unemployment Claims
3:00pm USD ISM Manufacturing PMI
Comment:
European stock markets are expected to open lower Thursday, starting the new month on a negative note as investors fret about the combination of tightening monetary policy and slowing global growth. Markets are awaiting U.S. non-farm payrolls data on Friday and they may not like a strong number if it supports the basis for a continuation of aggressive rate hikes, which could further boost the U.S. dollar.
Analysis: SCRUM Team
