Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1827.93 with take profit at 1829.96
Bearish Preference:
Sell position is envisaged if price trades below 1822.14 with take profit at 1820.26
Fundamentals:
2:30pm USD CPI m/m
USD Core CPI m/m
Comment: Gold was down on Wednesday morning in Asia, retreating from a more than two-month high as the dollar strengthened. The debate on when the U.S. Federal Reserve will hike interest rates continues. St. Louis Fed President James Bullard noted corporate pricing power and has already penciled in two interest rate hikes in 2022. Meanwhile, San Francisco Fed President Mary Daly expects “eye-popping” inflation to subside in 2022 as supply-chain bottlenecks subside.
Analysis: SCRUM Team