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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1943.79 with a take profit at 1950.00.
Bearish Preference:
Sell position is envisaged if price trades below 1930.34 with a take profit at 1924.39.
Fundamentals:
No major Fundamental
Comment:
The price of gold appears to have reversed ahead of the 50-Day SMA ($1888) as it extends the advance from the monthly low ($1895), and fresh data prints coming out of the US may fuel the recent advance in the precious metal as the Federal Reserve’s preferred gauge for inflation is expected to increase for the sixth consecutive month.
Analysis: SCRUM Team
