Instrument: Gold
Bullish Preference:
A buy position is envisaged if the price trades above 1931.24 with take profit at 1935.41
Bearish Preference:
A sell position is envisaged if the price trades below 1921.51 with take profit at 1916.91
Fundamentals:
None with High Impact
Comment:
Markets will likely be keen to receive any indications from policymakers about their plans for borrowing costs during the rest of the year. Much will depend on where the Fed sees inflation in the world’s largest economy heading in the coming months. A jump in petrol costs fueled the biggest surge in consumer prices in 14 months in August, although the underlying figure decelerated to its slowest rate in almost two years. Along with the Fed’s much-anticipated decision, the Bank of England and Bank of Japan are also scheduled to hold policy meetings this week. A cooling U.K. economy may persuade the BOE to unveil one final rate hike in a long-standing tightening cycle, while the BOJ could provide some clues about a possible shift away from an era of ultra-loose policy.
Analysis: SCRUM Team