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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1911.95 with take profit at 1916.44.
Bearish Preference:
Sell position is envisaged if price trades below 1895.54 with take profit at 1889.88.
Fundamentals:
No major Fundamental.
Comment:
We saw last week second largest gold upper wick (denoting intraday reversal) on record. What is remarkable is that this recovery came amid an unmistakably severe geopolitical threat in the ever-escalating Russian offensive against Ukraine. The unprompted war has certainly not been resolved; but even if it were to de-escalate to a tangible conclusion, would it truly offer a favorable backdrop for bullish market interests? Gold prices will continue to be highly sensitive to Russia-Ukraine headlines, dwarfing the usual importance that the economic calendar has in the coming days. That said, two central bank decisions and the latest US labor market report will draw financial markets’ attention, if only temporarily.
Analysis: SCRUM Team
