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Instrument: GOLD
Intraday: Bearish
Technical Analysis
Preference:
Sell position is envisaged if price trades below 1902.51 with take profit at key level 1859.51
Alternative scenario:
Buy if price trades above 1949.19 with take profit at 1986.04
Fundamentals:
1:30pm USD CPI m/m
USD Core CPI m/m
Comment: Gold fell sharply on Wednesday morning in Asia, continuing losses from the previous sessions in North America and Europe. This pullback is expected after price got to $2000. The turnaround came as appetite for risk assets recovered thanks to a stronger dollar and real rates. The greenback is up today, continuing to move away from two-year lows.
Analysis: SCRUM Team
