Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1797.04 with take profit at 1800.17.
Bearish Preference:
Sell position is envisaged if price trades below 1788.29 with take profit at 1786.20.
Fundamentals:
7:00pm USD FOMC Meeting Minutes
Comment: Gold was up on Wednesday morning in Asia. Investors turned towards the safe-haven yellow metal as increasing concerns about the latest COVID-19 outbreaks decreased their risk appetite.
In other central bank news, the U.S. Federal Reserve will release the minutes from its July meeting later in the day. Investors will be searching for guidance on the Fed’s plans for asset tapering and interest rate hikes in the minutes.
Analysis: SCRUM Team