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Instrument: GOLD
Bullish Preference:
A buy position is envisaged if the price trades above 1933.16 With Take profit at 1934.78
Bearish Preference:
A sell position is envisaged if the price trades below 1930.12 with Take profit at 1927.76
Fundamentals:
No High Impact
Comment:
Gold prices edged lower on Tuesday, extending losses from the prior session as uncertainty over the Federal Reserve’s next move and anticipation of a stronger inflation reading this week buoyed the dollar and Treasury yields. However, Gold prices have been continuing to aim cautiously lower in recent weeks. In response, retail traders have been slowly boosting their upside exposure. This can be seen by taking a look at IG Client Sentiment (IGCS). The latter often functions as a contrarian indicator. With that in mind, if retail traders continue to become increasingly bullish, will this bode ill for the yellow metal?
Analysis: SCRUM Team
