Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1808.66 with take profit at 1811.99
Bearish Preference:
Sell position is envisaged if price trades below 1803.88 with take profit at 1800.02
Fundamentals:
8:00pm USD FOMC Economic Projections
Comment:
U.S. stocks are seen opening largely unchanged Wednesday, in cautious trading ahead of the latest Federal Reserve policy-setting meeting, which is likely to set the tone into the new year. The three major averages closed higher Tuesday, cheered by news that inflation is showing signs of having peaked after U.S. consumer prices rose less than expected for a second straight month in November. The weaker-than-expected CPI number has largely cemented expectations for a half-percentage-point increase after four successive hikes of 75 basis points, and this leaves the focus on Powell’s remarks and on the central bank’s projections for where interest rates are likely to head in the next few months.
Analysis: SCRUM Team