Instrument: GOLD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1746.79 with take profit at 1749.49
Bearish Preference:
A Sell position is envisaged if price trades below price 1741.84 with take profit at 1738.26
Fundamentals:
No high impact bearing to this instrument.
Comment:
Gold prices held recent gains on Wednesday as the dollar retreated slightly on weak economic data, with focus now turning to commentary from the Federal Reserve on the path of interest rates. But the dollar arrested its losses after Minneapolis Fed President Neel Kashkari said the central bank is set to keep tightening policy until inflation is clearly under control. Such a scenario is likely to be negative for gold prices.
Analysis: SCRUM Team