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Instrument: GOLD
Bullish Preference:
A buy position is envisaged if the price trades above 1916.65 with take profit at 1917.79
Bearish Preference:
A sell position is envisaged if the price trades below 1909.56 with take profit at 1908.35
Fundamentals:
1:30pm USD Core CPI m/m
USD CPI m/m
USD CPI y/y
Comment:
Gold price struggles for a decisive move as investors turn cautious ahead of the US Consumer Price Index (CPI) data for August. The precious metal remains on tenterhooks as market participants see headline inflation rebounding due to a strong uptick in gasoline prices. Market participants worry that upside risks to headline inflation could elevate the likelihood of a final interest rate hike from the Federal Reserve (Fed) in the rest of the year.
Analysis: SCRUM Team
