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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1796.22 tp at 1798.71
Bearish Preference:
Sell position is envisaged if price trades below 1786.88 with take profit at 1784.14
Fundamentals:
1:30pm USD CPI m/m
USD Core CPI m/m
Comment:
Gold prices were steady on Wednesday as safe-haven demand rose ahead of key U.S. inflation data, while copper prices plummeted after weak Chinese factory inflation pointed to laggard demand for the industrial metal. Buying into the yellow metal has been supported this week by anticipation of U.S. CPI inflation data, due at 0830 ET on Wednesday. While the reading is expected to have declined slightly from last month to an annual 8.7% rate in July, inflation is still expected to remain pinned at 40-year highs.
Analysis: SCRUM Team
