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Daily Market Analysis 19.01.2023: GOLD

Instrument: GOLD

Technical Analysis

Bullish Preference:  
A Buy position is envisaged if the price trades above 1913.24  with take profit at  1916.68
Bearish Preference: 
A Sell position is envisaged if the price trades below 1908.59  with take profit at 1904.89
Fundamentals:
No major fundamental affecting the instrument.

Comment: 
Gold prices recovered slightly from a two-day losing streak on Thursday amid growing uncertainty over a potential recession and the path of U.S. monetary policy, while copper prices were steady on growing optimism over a Chinese economic recovery. U.S. retail sales and industrial production data for December read weaker than expected on Wednesday, ramping up concerns over a broader economic slowdown in the country as it struggles with tight monetary policy and relatively high inflation.

Analysis: SCRUM Team

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