Daily Market Analysis 18.10.2022: GOLD

Instrument: GOLD+

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 1656.20 with take profit at  1657.34
Bearish Preference: 
Sell position is envisaged if price trades below 1649.89 with take profit at 1648.56
No major fundamental

Gold prices moved little on Tuesday, hovering around key support levels as the dollar retreated from recent highs, while uncertainty over weakening metal demand in China weighed on copper. Bullion prices benefited from a weakening dollar, as a slew of strong earnings on Wall Street boosted risk appetite and encouraged traders to move away from the greenback. But risk-heavy assets like stocks and foreign exchange were the bigger benefiters from this trend.

Analysis: SCRUM Team

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