Instrument: GOLD
Bullish Preference:
A Buy position is envisaged if the price trades above 1990.58 With Take profit at 1995.41
Bearish Preference:
A Sell position is envisaged if the price trades below 1984.45 with Take profit at 1981.42
Fundamentals:
USD: Core CPI m/m 2:30 PM
CPI m/m 2:30PM
CPI y/y 2:30PM
Comment:
Focusing first on inflation, headline CPI is forecast to have flatlined in November, bringing the annual rate to 3.1% from October’s 3.2%. Meanwhile, the core gauge is seen rising 0.3% on a seasonally adjusted basis, with the 12-month related reading unchanged at 4.0%, a sign that the underlying trend remains sticky and uncomfortably high for policymakers.
Gold (XAU/USD) broke its previous record, briefly reaching an all-time high last week, but was unable to sustain its advance, with the bullish breakout swiftly turning into a large selloff in the days that followed – a sign that sellers have regained the upper hand for now.
Analysis: SCRUM Team