Instrument: GOLD
Technical Analysis:
Bullish Preference:
A Buy position is envisaged if price trades above 1737.27 with take profit at 1739.24
Bearish Preference:
A Sell position is envisaged if price trades below price 1731.02 with take profit at 1729.35
Fundamentals:
No major fundamental
Comment:
Gold prices fell to the lowest level since September 2021 this morning, although prices have recovered intra-day losses and are slightly higher through Asia-Pacific trading. A deteriorating global growth outlook amid aggressive central bank tightening has put markets into a defensive posture. A fresh outbreak of Covid cases across China is weighing on sentiment across the APAC region. Hong Kong’s Hang Seng Index (HSI) is moving lower for the second day.
Analysis: SCRUM Team