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Instrument: GOLD
Bullish Preference:
Buy position is envisaged if price trades above 1880.55 with take profit at 1885.23
Bearish Preference:
Sell position is envisaged if price trades below 1869.24 with take profit at 1865.03
Fundamentals:
1:30pm USD Core PPI m/m
USD PPI m/m
3:15pm USD FOMC Member Waller Speaks
7:00pm USD FOMC Meeting Minutes
Comment:
Gold price (XAU/USD) extended its rally on Wednesday as Federal Reserve (Fed) policymakers continue favoring steady interest rates at the 5.25 to 5.50% range through year-end. The precious metal is also capitalizing on the deepening conflict between Israel and Hamas, which could extend beyond Gaza. Investors should be prepared for volatility in the Gold price ahead as Federal Open Market Committee (FOMC) minutes from the September meeting and Producer Price Index (PPI) data for the same month are due.
Analysis: SCRUM Team
