Instrument: GOLD
Bullish Preference:
A buy position is envisaged if the price trades above 1934.77 with take profit at 1936.52.
Bearish Preference:
A sell position is envisaged if the price trades below 1931.83 with take profit at 1930.53.
Fundamentals:
1:30pm USD Non-Farm Employment Change
1:30pm USD Unemployment Rate
Comment:
The gold price appears poised at a crossroads going into the weekend with the US Dollar firming as Treasury yields tick higher. An eventful week for markets may still have more to play out with non-farm payrolls data due out later today. The Fitch downgrade of US sovereign debt credit rating to AA+ from AAA got the ball rolling on Tuesday with a risk-off rout permeating through markets. The reaction unfolded despite Treasury Secretary Janet Yellen lambasting the move, referring to it as ‘arbitrary’ and ‘outdated’. Adding to concerns for US debt, on Wednesday, the US Department of Treasury announced that they will seek to issue US$ 103 billion next week, up from the US$ 96 billion last time.
Analysis: SCRUM Team