Instrument: GOLDs
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 1975.72 with take profit at 1979.65.
Bearish Preference:
A sell position is envisaged if the price trades below price 1963.38 with take profit at 1959.84.
Fundamentals:
1:30pm
USD Final GDP q/q
USD Unemployment Claims
Comment:
Gold prices fell on Thursday as easing fears of a banking crisis sapped the gold metal of safe haven demand, while the dollar also recovered amid a resurgence in bets that the Federal Reserve will keep raising interest rates. The yellow metal extended losses into a second consecutive day, pulling back further from the $2,000 level as signs of stability in the banking sector saw investors reassess concerns over an imminent economic crisis. Reassurances by regulators that the U.S. banking system was stable, coupled with no negative developments in the sector in the past two weeks saw risk appetite slowly return to markets, costing gold some of its safe-haven appeal.
Analysis: SCRUM Team
