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Instrument: GOLD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1754.48 with take profit at 1757.43.
Bearish Preference:
A Sell position is envisaged if price trades below price 1744.02 with take profit at 1741.43.
Fundamentals: No major fundamental
Comment: The price of gold continues to struggle with a notable level of resistance, despite a slip lower in US Treasury yields. This week’s economic calendar is fairly thin until Friday when the latest US Jobs Report hits the screen, a release that will be closely watched by the Federal Reserve for one. The recent rally in the US dollar has been put on hold ahead of this week’s US NFP data, a release that will go a long way in determining when the Fed will begin to slow down its rate of US bond purchases.
Analysis: SCRUM Team
