Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1946.94 with take profit at 1948.38
Bearish Preference:
Sell position is envisaged if price trades below 1940.27 with take profit at 1937.50
Fundamentals:
No major fundamentals
Comment:
Gold prices (XAU/USD) rose 0.7% to ~1,945$ for the week, despite broad-based U.S. dollar gains and soaring rates. Over the five-day period, the DXY Index jumped 1.3%, while Treasury curve shifted sharply higher after the Federal Reserve signaled in no uncertain terms that it is leaning towards front-loading hikes and outlined an aggressive plan to prune its balance sheet to cool down inflation. Gold prices just spent their fourth consecutive week holding support at a critical spot on the long-term chart, spanning from the prior all-time-high at 1923.70 down to the psychological level at 1900. And spanning back to February, there’s been support in this zone for five of the past six weeks and it had even functioned as resistance before that.
Analysis: SCRUM Team