Instrument: GOLD
Bullish Preference:
A Buy position is envisaged if the price trades above 1992.48 with take profit at 1997.29
Bearish Preference:
A Sell position is envisaged if the price trades below 1987.84 with take profit at 1983.37
Fundamentals:
1:30pm USD Advance GDP q/q
USD Unemployment Claims
Comment:
Gold tests $2,000 as Middle East concerns offset rate hike jitters. Gold prices firmed in Asian trade on Thursday, with futures testing key levels as demand for traditional safe havens helped the yellow metal largely disregard a resurgence in the dollar and yields.
Fears of a potential escalation in the Israel-Hamas war remained in play as missile strikes on Gaza continued, while Israel reiterated its commitment to a ground assault on the region.
This kept safe haven demand for gold upbeat, even as the dollar and Treasury yields spiked in overnight trade.
Analysis: SCRUM Team