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Instrument: GOLD+
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 1839.54 with take profit at 1841.93
Bearish Preference:
A Sell position is envisaged if the price trades below 1822.90 with take profit at 1819.65
Fundamentals:
2:30pm USD Core Retail Sales m/m
USD Empire State Manufacturing Index
USD Retail Sales m/m
Comment:
Gold prices moved little on Wednesday as mixed inflation data for January brewed some uncertainty over the U.S. economy and the path of monetary policy, with the dollar also showing a muted reaction to the readings. Prices of the yellow metal steadied near one-month lows after data showed annualized U.S. consumer inflation fell less than expected in January. On a monthly basis, inflation accelerated in January from the prior month. While some facets of consumer price index inflation were stickier than expected, core inflation retreated in January, albeit at a slower-than-expected pace. Still, the data showed that disinflation was not as widespread as initially perceived, with inflation remaining relatively elevated.
Analysis: SCRUM Team
