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Instrument: GOLD
Bullish Preference:
A Buy position is envisaged if the price trades above 1967.33 with take profit at 1973.21
Bearish Preference:
A Sell position is envisaged if the price trades below 1958.42 with take profit at 1949.88
Fundamentals:
2:45PM USD Flash Manufacturing PMI
Flash Services PMI
Comment:
Gold prices traded in a mixed range on Tuesday, retaining most recent gains as traders watched for any more developments in the Israel-Hamas war, while focus also turned to a string of key U.S. economic readings due this week.
Near-term demand for gold remained underpinned, with prices rising as the Israel-Hamas conflict fed safe-haven demand. But a drop in gold futures signaled that gold bulls remained wary of higher-for-longer interest rates.
Still, a drop in the dollar and yields from recent peaks also offered some relief to bullion prices.
Analysis: SCRUM Team
