Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1771.13 with take profit at 1778.90.
Bearish Preference:
Sell position is envisaged if price trades below 1763.80 with take profit at 1755.81.
Fundamentals:
2:30pm USD Philly Fed Manufacturing Index
Comment:
Gold prices fell from a key resistance level on Thursday as the metal’s safe haven demand diminished on waning fears of an escalation in the Russia-Ukraine conflict. Prices of the yellow metal rallied in recent sessions as the dollar retreated on expectations of a less hawkish Federal Reserve, especially as softer-than-expected U.S. inflation data pointed to easing price pressures. Rising interest rates were the biggest weight on gold prices this year, as higher yields pushed up the opportunity cost of holding the yellow metal. But analysts said that the metal may see better prospects thanks to easing U.S. inflation.
Analysis: SCRUM Team