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Daily Market Analysis 11.05.2023: GOLD

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Instrument: GOLD

Technical Analysis

Bullish Preference: 
A buy position is envisaged if the price trades above 2027.41 with take profit at 2031.07.
Bearish Preference: 
A sell position is envisaged if the price trades below price 2014.22 with take profit at 2009.18.
Fundamentals:
1:30 pm
USD
Core PPI m/m
PPI m/m
Unemployment Claims

Comment:
Gold showed a muted reaction to the CPI data, as investors bet that U.S. interest rates will remain higher for longer. But the prospect of an economic slowdown in the country kept the yellow metal pinned above $2,000, amid steady safe haven demand.

Analysis: SCRUM Team

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