Instrument: GOLD
Bullish Preference:
Buy position is envisaged if price trades above1927.31 with take profit at 1930.28
Bearish Preference:
Sell position is envisaged if price trades below 1921.60 with take profit at 1917.60
Fundamentals:
1:30PM USD Core Retail Sales m/m
Retail Sales m/m
Comment:
Gold price attempts to resume upside journey ahead of US President Joe Biden’s visit to Israel amid deepening Middle-East tensions and the speech from Federal Reserve (Fed) Chair Jerome Powell, which is expected to provide significant guidance on interest rates. Investors hope that Powell will favor a neutral monetary policy and join other Fed officials who recently said higher bond yields are sufficient to tame inflation.
Analysis: SCRUM Team
