Instrument: GOLD
Bullish Preference:
A buy position is envisaged if price trades above 2001.40 with take profit at 2004.70
Bearish Preference:
A sell position is envisaged if price trades below 1988.88 with take profit at 1985.28
Fundamentals:
None with Expected High Impact
Comment:
Gold prices fell below key levels in Asian trade on Monday as strong labor market data saw traders rethink bets that the Federal Reserve will begin trimming interest rates earlier in 2024.
Higher interest rates dent gold prices by pushing up the opportunity cost of investing in the yellow metal, which offers no yields.
Analysis: SCRUM Team