Skip to content 
Instrument: GOLD
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above1 1999.56 with take profit at 12033.90
Bearish Preference:
A sell position is envisaged if price trades below price 11938.07 with take profit at 11910.52
Fundamentals:
None with high impact
Comment:
After a hotter-than-expected inflation print and FedEx Corp.’s (NYSE:FDX) shocking profit warning, top Wall Street strategists see mounting risks for US earnings and equity valuations. Both Morgan Stanley’s Michael J. Wilson and Goldman Sachs Group Inc.’s David J. Kostin said headwinds to profitability are building, highlighting tighter monetary policy and pressure on company margins as key concerns. According to Wilson, who has been one of the most vocal bears on US stocks, “there is still a long way to go before reality is fairly priced.” The strategists’ comments come after a rough week for US stocks which saw the benchmark gauge drop 4.8% and the technology-heavy Nasdaq 100 post its worst week since January. Data showing consumer prices rose more than expected in August fueled fears about supersized Federal Reserve rate hikes, while FedEx’s warning was touted by some as the first of many to come from struggling companies.
Analysis: SCRUM Team
