Daily Market Analysis 27/08/2021: GOLD

Instrument: GOLD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above  1799.13 with Take profit at 1800.60.
Bearish Preference: 
Sell position is envisaged if price trades below 1791.00 with take profit at 1789.53.
USD All Day Jackson Hole                               Symposium1:30pm USD Core PCE Price                            Index m/m
3:00pm USD Fed Chair Powell                         Speaks

Comment: Gold was up on Friday morning in Asia as investors await U.S. Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole symposium. U S. Dollar Index, which normally moves inversely to gold, inched down on Friday after hitting a one-week low during the previous session. Some Fed officials urged the central bank to begin asset tapering, with the measures currently in place ineffective and even potentially harmful, ahead of Powell’s speech later in the day.

Analysis: SCRUM Team

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