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Instrument: GOLD
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above 1677.53 with take profit at 1679.36
Bearish Preference:
A sell position is envisaged if price trades below price 1669.04 with take profit at 1666.72
Fundamentals:
None with high impact
Comment:
Gold prices are little changed, holding around the 1,675 level after last week’s big drop when bullion sank to its lowest level since April 2020. The yellow metal is now well on track to record its sixth consecutive monthly loss amid a period of high inflation, something that has helped bullion prices in the past but not always. US consumer prices rose 8.3% in August from the year prior, according to the latest consumer price index (CPI) released last week.
Analysis: SCRUM Team
