Instrument: GOLD
Bullish Preference:
Buy position is envisaged if price trades above 1948.41 with take profit at 1952.13
Bearish Preference:
Sell position is envisaged if price trades below 1941.38 with take profit at 1938.82
Fundamentals:
(Medium Impact News)
1:30pm USD Building Permits
5:00pm USD FOMC Member Waller Speaks
8:15pm USD FOMC Member Harker Speaks
Comment:
Gold price rebounded on haven demand following Hamas’s 7 October attack on Israel. The instrument is benefitting from haven flows triggered by the geopolitical tension.
Market expectations are shifting to a view that no more rate rises are needed as the recent rise in US Treasury bond yields suggests tighter policy.
While investment demand for Gold is yet to pick up, strong central bank buying and seasonal demand for physical Gold could offset some of the investment sell-off.
Analysis: SCRUM Team