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Instrument: GOLD
Bullish Preference:
Buy position is envisaged if price trades above 1883.21 with take profit at 1884.85.
Bearish Preference:
Sell position is envisaged if price trades below 1874.10 with take profit at 1871.10.
Fundamentals:
USD
Prelim UoM Consumer Sentiment 3:00 PM
Prelim UoM Inflation Expectations 3:00 PM
Comment:
Gold is enjoying its most robust weekly performance in over half a year, lifted by geopolitical tensions in the Middle East and market speculation that the U.S. Federal Reserve’s interest rate hike cycle may be coming to an end.
Given the amalgamation of Fed speculation, geopolitical tensions, and global economic indicators, gold is likely to maintain its upward trajectory in the near term. Traders should watch for gold prices to trade in the range of $1,856 to $1,904, supported by a possible slowdown in the U.S. economy and persistent global uncertainties.
Analysis: SCRUM Team
