Instrument: GOLD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1726.16 with take profit at 1729.31
Bearish Preference:
A Sell position is envisaged if price trades below price 1718.32 with take profit at 1715.33
Fundamentals:
No major fundamental
Comment:
Gold bulls hoping to creep closer to $1,800 an ounce found themselves more than $50 below that target at Friday’s close, after the head of the Federal Reserve signaled no immediate pause in the central bank’s inflation-busting rate hikes. The dollar erased early losses to turn positive against a basket of currencies, while gold, which loses appeal as interest rates rise, fell after Powell’s comments.
Analysis: SCRUM Team