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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1814.14 with take profit at 1816.11.
Bearish Preference:
Sell position is envisaged if price trades below 1810.44 with take profit at 1808.81.
Fundamentals:
USD 1:30PM Unemployment Claims
Trade Balance
Comment: Gold rose more than 1% during the previous session as the U.S. released some economic data that said ADP non-farm employment change was at 330,000 in July, lower than expected. The data also said the services Purchasing Managers’ Index (PMI) was 59.9, while the Institute of Supply Management (ISM) non-manufacturing employment was at 53.8 and the ISM non-manufacturing PMI was at 64.1.
The yellow metal gave up most of its overnight gains, however, after Fed Vice Chair Richard Clarida suggested that conditions for interest rates hikes could be met by the end of 2022. He also said the Fed could begin asset tapering later in the year, earlier than expected.
Analysis: SCRUM Team
