Instrument: GOLDs
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 2005.43 with take profit at 2008.30.
Bearish Preference:
A sell position is envisaged if the price trades below 1997.68 with take profit at 1994.48.
Fundamentals:
1:30pm
USD Core Durable Goods Orders m/m
USD Durable Goods Orders m/m
Comment:
Gold prices rose to key levels on Wednesday, buoyed by safe haven demand as a string of weak U.S. company earnings and economic data fueled fears of a potential recession this year. Resurgent fears of a banking crisis also boosted safe haven demand, after First Republic Bank (NYSE:FRC) logged a substantially bigger-than-expected decline in its deposits, souring sentiment towards regional banks.