Daily Market Analysis 31.08.2022: GOLD

Instrument: GOLD

Technical Analysis

Bullish Preference:  
A Buy position is envisaged if price trades above 1727.61 with take profit at 1731.85
Bearish Preference: 
A Sell position is envisaged if price trades below price 1718.82 with take profit at 1714.83
1:00pm     USD    FOMC Member Mester Speaks
1:15pm     USD    ADP Non-Farm Employment Change

Gold prices fell on Wednesday and were set for a fifth straight month of losses amid fears of aggressive policy tightening by the Federal Reserve, while copper rose as Chinese manufacturing activity improved slightly in August. Bullion prices tumbled on Tuesday after data showed a bigger-than-expected rise in U.S. job openings. The dollar index surged after the reading, given that strength in the labor market gives the Fed more space to raise rates aggressively.

Analysis: SCRUM Team

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