Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1810.54 with take profit at 1813.05.
Bearish Preference:
Sell position is envisaged if price trades below 1805.24 with take profit at 1802.79 .
Fundamentals:
4:00pm USD Fed Chair Powell Testifies
Comment: Gold was up on Tuesday morning in Asia, with a weaker dollar lending support and with U.S. inflation data due later in the week. The dollar, which normally moves inversely to gold, edged down on Tuesday. The yield on benchmark 10-year Treasury notes moved down from an almost two-year high of 1.808% to 1.778%. “Pullback in both the dollar and 10-year treasury yields are supporting gold prices, but the fact that markets are still seeing three to four interest rate hikes this year is limiting the upside potential.
Analysis: SCRUM Team