Instrument: GOLD
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 2034.41 with take profit at 2035.91
Bearish Preference:
A sell position is envisaged if the price trades below 2028.20 with take profit at 2026.40
Fundamentals:
1:30pm USD CPI m/m
USD CPI y/y
USD Core CPI m/m
Comment:
Gold prices rose further above key support levels on Wednesday, buoyed largely by safe haven demand amid uncertainty over the U.S. debt limit and slowing economic growth, with focus remaining on key inflation data due later in the day. A meeting between President Joe Biden and Republican policymakers on Tuesday ended without any tangible progress toward raising the federal debt limit, although Biden reiterated that the U.S. would not default.
Analysis: SCRUM Team