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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1794.90 with take profit at 1799.08.
Bearish Preference:
Sell position is envisaged if price trades below 1784.08 with take profit at 1780.37.
Fundamentals:
2:30pm USD Average Hourly Earnings m/m
USD Non-Farm Employment Change
USD Unemployment Rate
Comment: Gold has been under the 100 period MA signalling a significant downward movement on the H1 time frame chart with bulls looking forward to a favourable news to break out of the 1790 resistance price point. However, this could also go the other direction if the news is in favour of the bears with the possibility of price sliding further down towards the next major support of 1770 price level.
Analysis: SCRUM Team
