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Instrument: GOLD
Bullish Preference:
A buy position is envisaged if the price trades above 1969.84 with take profit at 1972.73.
Bearish Preference:
A sell position is envisaged if the price trades below 1962.09 with take profit at 1958.97.
Fundamentals:
2:45pm
USD Flash Manufacturing PMI
USD Flash Services PMI
Comment:
Gold prices fell slightly on Monday as anticipation of a key Federal Reserve meeting kept investors wary at the beginning of the week, while copper prices nursed steep losses on concerns over slowing demand in China. A recovery in the dollar, ahead of the Fed meeting, also somewhat pressured metal markets, with the greenback pulling further away from 15-month lows hit earlier in July. Still, bullion prices remained within sight of a two-month peak, amid increasing bets that the Fed will potentially signal a pause in future rate hikes, after one last hike this week.
Analysis: SCRUM Team
