Daily Market Analysis 28/10/2021: GOLD

Instrument: GOLD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 1804.70 with take profit at 1809.83
Bearish Preference: 
Sell position is envisaged if price trades below 1794.35 with take profit at 1789.05
1:30pm Advanced GDP 1:30pm
Unemployment Claims

Comment: Gold up as US Bond Yields Falls. We are in a consolidation period for gold, but policy tightening and inflation concerns with strong risk appetite in equity markets kept bullion’s gains in check. More importantly, investors are starting to position themselves ahead of next week’s U.S. Federal Reserve monetary policy meeting, where policymakers are expected to announce the start of tapering its massive stimulus and would determine how fast the Fed decides to raise its benchmark interest rate

Analysis: SCRUM Team

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