Instrument: US100
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 2038.82 with take profit at 2045.67
Bearish Preference:
A sell position is envisaged if the price trades below 2028.72 with take profit at 2020.79.
Fundamentals:
1:30pm USD Unemployment Claims
Comment:
Spot gold prices hit record high as Fed signals potential pause Gold prices extended recent gains on Thursday, briefly touching a record high after the Federal Reserve hiked interest rates but flagged a more stringent approach to raising rates further amid worsening economic conditions. The yellow metal benefited from increased safe haven demand as Fed Chair Jerome Powell warned that economic growth was cooling, and that credit conditions were likely to tighten further amid growing pressure on U.S. banks. This was accompanied by an extended rout in U.S. bank stocks, as the collapse of First Republic Bank (NYSE:FRC) earlier this week sparked resurgent fears of a U.S. banking crisis.
Analysis: SCRUM Team