Instrument: GOLDs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1771.89 with take profit at 1773.79.
Bearish Preference:
Sell position is envisaged if price trades below 1764.94 with take profit at 1762.62.
Fundamentals:
2:30pm USD Core Retail Sales m/m
USD Retail Sales m/m
8:00pm USD FOMC Economic Projections
Comment: Gold was down on Wednesday morning in Asia, as investors await a decision on asset tapering and earlier interest rate hikes by the U.S. Federal Reserve in its latest policy decision. Investors are betting that the Fed will taper its assets between $25 billion-$30 billion every month, from $15 billion currently, by March 2022, and also expect one or two interest rate hikes in the same year.
Analysis: SCRUM Team