Instrument: GOLD+
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1642.83 with take profit at 1645.57
Bearish Preference:
Sell position is envisaged if price trades below 1632.34 with take profit at 1629.51
Fundamentals:
12PM USD Fed Chair Powell Speaks
3PM USD CB Consumer Confidence
Comment:
Gold prices are staging a modest recovery during Asia-Pacific trading as equity markets search for direction following a selloff on Wall Street. Bullion prices fell more than 1% throughout New York trading as stocks moved lower and the US Dollar moved higher. The Federal Reserve’s hawkish outlook on rate hikes has solidified in recent weeks, and FOMC speakers have made that very clear to markets.
Analysis: SCRUM Team