Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1802.24 with take profit at 1804.33.
Bearish Preference:
Sell position is envisaged if price trades below 1795.27 with take profit at 1792.89.
Fundamentals:
No Major Fundamental
Comment: Gold was down on Thursday morning in Asia as investors continue to monitor the implication of the omicron COVID-19 variant and central banks’ withdrawal of monetary stimulus. The yellow metal has fallen nearly 5% to date in 2021 and is expected to record its biggest annual decline since 2015. However, investors expect gold trading to remain thin and range-bound for the remainder of the year.
Analysis: SCRUM Team