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Instrument: GOLD+
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1634.59 with take profit at 1640.88
Bearish Preference:
Sell position is envisaged if price trades below 1621.06 with take profit at 1616.15
Fundamentals:
3:00pm USD Pending Home Sales m/m
3:10pm USD FOMC Member Bullard Speaks
3:15pm USD Fed Chair Powell Speaks
Comment:
Gold prices rose slightly from two-year lows Today as a rally in the dollar paused, while a recovery in copper was cut short by data showing more weakness in Chinese industrial activity. Spot gold rose 0.5% to $1,629.96 an ounce, while gold futures were flat at $1,637.25 an ounce by 21:57 ET (01:57 GMT). Both instruments recovered from their lowest levels since early 2020, as pressure from the dollar appeared to have eased. The dollar index retreated slightly after scaling a new 20-year high on Monday. A rout in most other asset classes and rising interest rates boosted the greenback’s safe haven demand, helping the currency largely overtake gold as a preferred safe haven buy this year.
Analysis: SCRUM Team
