Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1958.82 with take profit at 1960.85.
Bearish Preference:
Sell position is envisaged if price trades below 1952.86 with take profit at 1950.84.
Fundamentals:
No major Fundamental
Comment:
Gold struggled for direction on Thursday as safe-haven support from the Russian invasion of Ukraine was countered by signs that U.S. Federal Reserve officials could act more aggressively to tame inflation. Gold’s upside is severely capped by the Fed’s aggressive bias towards rate hikes, though the precious metal remains well-supported by persistent fears over the Russia-Ukraine war’s global implications,” said Han Tan, chief market analyst at Exinity.
Analysis: SCRUM Team