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Instrument: Gold
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1666.80 with take profit at 1667.63
Bearish Preference:
Sell position is envisaged if price trades below 1663.51 with take profit at 1662.71
Fundamentals:
No major fundamental
Comment:
The price of gold trades back below the 50-Day SMA ($1718) after failing to test the September high ($1735), and bullion may face a further decline over the coming days if it fails to defend the opening range for October. The price of gold remains under pressure following the US Non-Farm Payrolls (NFP) report as longer-dated Treasury yields climb to fresh monthly highs, with the precious metal on track to test the monthly low ($1660) as it carves a series of lower highs and lows.
Analysis: SCRUM Team
