Instrument: Gold
Bullish Preference:
A buy position is envisaged if the price trades above 1907.80 With Take profit at 1909.65
Bearish Preference:
A sell position is envisaged if the price trades below 1898.66 with Take profit at 1897.62
Fundamentals:
2:45pm USD Flash Manufacturing PMI
USD Flash Services PMI
Comment:
Gold price strengthens this week as the rally in US Treasury yields halts amid fading hopes of more interest-rate increases from the Federal Reserve (Fed). US headline Consumer Price Index (CPI) has come down to 3.2% from its peak of 9.1% due to an aggressive rate-tightening cycle, but the Fed will likely have to keep interest rates higher for a longer period as the remaining excess inflation above the desired rate of 2% seems extremely stubborn.
Analysis: SCRUM Team