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Daily Market Analysis 27.07.2022: GOLD

Instrument: GOLD

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 1728.99 with take profit at  1734.43
Bearish Preference: 
Sell position is envisaged if price trades  below 1719.11 with take profit at 1714.83
Fundamentals:
7:00pm    USD   FOMC Statement        
                USD   Federal Funds Rate
7:30pm    USD   FOMC Press Conference

Comment: 
Gold was down on Wednesday morning in Asia ahead of the policy decision from the U.S. Federal Reserve. Gold futures edged down 0.15% to $1,715.20 by 11:52 PM ET (3:52 AM GMT). The dollar, which normally moves inversely to gold, edged down on Wednesday morning. U.S. equities fell on Tuesday ahead of an expected interest rate hike decision from the Fed as investors were concerned about the slowing economy with signs of energy woes in Europe.

Analysis: SCRUM Team

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