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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if the price trades above 1652.71 with take profit at 1655.18
Bearish Preference:
Sell position is envisaged if the price trades below 1646.11 with take profit at 1643.42
Fundamentals:
3PM USD CB Consumer Confidence
Comment:
The price of gold appears to be defending the September range as US Treasury yields pull back from fresh yearly highs, but bullion may continue to negative slope in the moving average to largely mirror the price action from earlier this month. As a result, the rebound in the price of gold may end up being short-lived as the CME FedWatch tool continues to show a greater than 90% probability for another 75bp rate hike, and it seems as though the Federal Reserve will retain its existing approach in combating inflation as the Summary of Economic Projections (SEP) reflect a steeper path for US interest rates.
Analysis: SCRUM Team
