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Instrument: GOLD
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above 1718.57 with take profit at 1720.27
Bearish Preference:
A sell position is envisaged if price trades below price 1711.57 with take profit at 1710.21
Fundamentals:
2:45pm USD Final Services PMI
3PM USD ISM Services PMI
Comment:
The U.S. dollar rose to a new two-decade high in early European trade Monday, while the euro slumped to its lowest level since 2002 after Russia halted the supply of gas to Europe, raising fears of energy shortages as winter approaches. At 03:20 ET (07:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.5% higher to 110.020, having earlier climbed as high as 110.255, the highest level in 20 years. The dollar has been in demand of late on expectations that the Federal Reserve will continue with its aggressive monetary tightening, especially after the release of the better-than-expected nonfarm payrolls data on Friday.
Analysis: SCRUM Team
