Bullish Preference: Buy position is envisaged if price trades above 1897.03 with take profit at 1899.55.
Bearish Preference: Sell position is envisaged if price trades below 1889.84 with take profit at 1886.96.
None with high impact on the commodity.
Comment: Gold was up on Wednesday morning in Asia as investors digested mixed inflation data from China and waited for similar data from the U.S. on Thursday. Investors now await the U.S. core CPI index data for May due on Thursday for further clues on the U.S. Federal Reserve’s timeline to change its current dovish monetary policy.
Bullish Preference: Buy position is envisaged if price trades above 1.21925 with take profit at 1.22053.
Bearish Preference: Sell position is envisaged if price trades below 1.21746 with take profit at 1.21655.
None with high impact on the pair.
Comment: The dollar clung to marginal gains in early European trade Wednesday, but volatility was limited with traders awaiting upcoming U.S. inflation data and an ECB meeting for clues about future central bank policy. The dollar has been on a downtrend for much of the last year, but investors are getting nervous that rampant inflation could force the Federal Reserve to taper back its ultra-easy monetary policies earlier than previously guided. This would cause rising interest rates and a more buoyant greenback.
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