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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1789.69 with take profit at 1791.88
Bearish Preference:
Sell position is envisaged if price trades below 1781.26 with take profit at 1779.14
Fundamentals:
1:30pm USD PPI m/m
USD Core PPI m/m
USD Unemployment Claims
Comment:
Extended shares on a global rally on Thursday after softer-than-expected U.S. inflation data encouraged bets of less aggressive rate hikes from the Federal Reserve, while the dollar struggled for footing after its biggest plunge in five months. U.S. consumer prices were unchanged in July compared with June, when they rose a monthly 1.3%. The July result was lower than expectations due to a sharp drop in the cost of petrol, causing markets to reposition on hopes that inflation was peaking.
Analysis: SCRUM Team
