Daily Market Analysis 21.01.2022: GOLD

Instrument: GOLD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 1838.30 with take profit at 1841.45.
Bearish Preference: 
Sell position is envisaged if price trades below 1826.73 with take profit at 1823.75.
5:30pm USD Treasury Sec Yellen Speaks

Comment: Gold was down on Friday morning in Asia. However, the yellow metal was on course for a second consecutive weekly gain as investors brace for the U.S. Federal Reserve’s policy decision. In other precious metals, silver was down 0.4% but set for its best week in a year and is up about 6% so far. Palladium fell 0.6% but was poised for a weekly gain of about 9%. Platinum was down 0.4% but remained on course for its best weekly showing in seven months and has gained about 6.6% so far.

Analysis: SCRUM Team

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