Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1980.85 with take profit at 1983.55
Bearish Preference:
Sell position is envisaged if price trades below 1974.76 with take profit at 1972.40
Fundamentals:
No major Fundamental.
Comment:
A fledgling class of crypto that feasts on risk is outshining a wider market paralyzed by war and inflation. Coins backed by gold are newer variants of “stablecoins”, which are typically pegged to the dollar to tame volatility. The reach for gold, a traditional hedge against geopolitical upheaval and inflation, is unsurprising. The demand for gold-backed cryptocurrencies, though, is new.
Analysis: SCRUM Team