Instrument: GOLD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 1876.62 with take profit at 1878.48
Bearish Preference:
A Sell position is envisaged if the price trades below 1871.74 with take profit at 1870.00
Fundamentals:
6PM USD Fed Chair Powell Speaks
Comment:
Gold prices steadied at a near one-month low on Tuesday amid continued pressure from strength in the dollar and Treasury yields, with focus now turning to economic cues from a talk by Federal Reserve Chair Jerome Powell later in the day. The yellow metal had a muted session on Monday after suffering its worst weekly decline in seven months, as stronger-than-expected U.S. jobs data saw markets broadly shift their expectations for interest rate hikes by the Fed.
Analysis: SCRUM Team
