Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1790.36 with take profit at 1792.52.
Bearish Preference:
Sell position is envisaged if price trades below 1786.30 with take profit at 1784.46.
Fundamentals:
USD All Day Jackson Hole SymposiumUSD 1:30PM- Prelim GDP q/q
Comment: The economic data slate includes the weekly initial jobless claims release, at 8:30 AM ET (1230 GMT), which is expected to be largely unchanged from the previous week’s 348,000 figure. The first revision of the second-quarter GDP figure is due at the same time, and is likely to show a slight improvement from the annualised 6.5% growth first recorded. These numbers create an interesting backdrop for Powell’s highly anticipated speech on Friday at the Federal Reserve’s Jackson Hole symposium. The market is looking for any hints for when the central bank will start tapering its massive bond-buying program.
Analysis: SCRUM Team