Instrument: GOLD
Bullish Preference:
A buy position is envisaged if the price trades above 1927.03 WithTake profit at 1929.83
Bearish Preference:
A sell position is envisaged if the price trades below 1920.90 with Take profit at 1919.29
Fundamentals:
2:00 PM USD S&P/CS Composite-20 HPI y/y
3:00 PM CB Consumer Confidence
3:00 PM OLTS Job Openings
Comment:
Gold prices have been aiming higher in recent weeks. In response retail traders have been cautiously increasing downside exposure. This can be seen by taking a look at IG Client Sentiment (IGCS), which often functions as a contrarian indicator. With that in mind, could further upside progress be in store for the yellow metal in the coming sessions?
Technically, On the daily chart below, gold has extended a cautious push higher above the 38.2% Fibonacci retracement level of 1903.46. That is now placing the focus on the falling trendline from earlier this year. The latter could reinstate the broader downside focus, pushing XAU/USD back to the mid-August swing low of 1884.89.
Analysis: SCRUM Team