Daily Market Analysis 30/08/2021: GOLD

Instrument: GOLD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above  1818.80 with Take profit at 1821.20.
Bearish Preference: 
Sell position is envisaged if price trades below 1811.94 with take profit at 1809.18.
No major fundamental.

Comment: Technically, Gold prices rose above critical resistance on Friday, clearing the key psychological level of $1,800 which continues to hold as critical support for the imminent move, which came just as expected pushing the pice to 1818.34. fundamentally, As the Jackson Hole Symposium came to a close, dovish commentary from Fed Chair Jerome Powell boosted the demand for Gold, Silver and other major commodities that hold a reputation as a hedge against inflation which continues to exceed the monetary policy target of 2%.

Analysis: SCRUM Team

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