Morning Insights 15th October

Simon Alagbe

Analyst

Instrument: GOLDs

The Precious metal ended the week higher on Friday to continue its recent resurgence. I expect the yellow metal to react to the statement of Neel Kashkari, the President of the Bank of Minneapolis yesterday stating that higher inflation is expected to continue over the next few months but cautioned the Fed from not overreacting and described the elevated inflation as likely temporal. This is only reiterating the general stance of the Fed having continuously described the rising inflation as "transitory"


Technicals 

The instrument opened around the proven resistance zone on the hourly timeframe this morning and got rejected. I expect the precious metal to trade southward today with take profit at 1839.70 and stop loss above the resistance at 1870.50


Fundamentals 

Empire State Manufacturing Index (US) 2:30 PM

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