Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1804.30 with take profit at 1806.38.
Bearish Preference:
Sell position is envisaged if price trades below 1797.64 with take profit at 1795.96.
Fundamentals:
3:00pm USD CB Consumer Confidence
Comment: Residual fears that the FOMC may mention the taper world is mainly responsible for the selling pressure, and gold is unlikely to rally significantly until the FOMC decision and statement. Gold remains mostly off investors’ radars, with most of the action occurring in other asset classes. It remains confined in a broader range bounded by its support and resistance zones.
Analysis: SCRUM Team