Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1934.94 with take profit at 1942.69.
Bearish Preference:
Sell position is envisaged if price trades below 1924.26 with take profit at 1916.79.
Fundamentals:
2:30pm USD Unemployment Claims
4:00pm USD Fed Chair Powell Testifies USD ISM Services PMI
Comment:
Gold was up on Thursday morning in Asia, remaining flat as investors’ risk appetites improve. The U.S. Federal Reserve tried to mitigate fears about hawkish interest rate hikes, which countered increasing demand for safe-haven assets spurred by Russia’s invasion of Ukraine on Feb. 24. Russia continues to advance into Ukraine, with the latter’s second-biggest city, Kharkiv, suffering heavy bombardment on Wednesday. The invasion itself was denounced with a wide majority in a United Nations vote.
Analysis: SCRUM Team