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Instrument: GOLD
Bullish Preference:
A buy position is envisaged if the price trades above 1943.42 with take profit at 1952.58
Bearish Preference:
A sell position is envisaged if the price trades below 1926.45 with take profit at 1918.54
Fundamentals:
1:30pm USD CPI m/m
USD CPI y/y
USD Core CPI m/m
Comment:
Gold prices edged higher on Wednesday, sticking close to a three-week high as markets bet that the Federal Reserve was close to reaching peak interest rates, with focus turning to upcoming consumer inflation data. The prospect of an eventual end to the Fed’s current rate hike cycle saw investors pivot out of the dollar and into other rate-sensitive assets, particularly stocks and commodities.Gold prices edged higher on Wednesday, sticking close to a three-week high as markets bet that the Federal Reserve was close to reaching peak interest rates, with focus turning to upcoming consumer inflation data. The prospect of an eventual end to the Fed’s current rate hike cycle saw investors pivot out of the dollar and into other rate-sensitive assets, particularly stocks and commodities.
Analysis: SCRUM Team
