Instrument: GOLD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 1884.42 with take profit at 1885.49
Bearish Preference:
A Sell position is envisaged if the price trades below 1880.48 with take profit at 1878.88
Fundamentals:
3:15pm USD FOMC Member Williams Speaks
Comment:
Gold prices steadied on Wednesday following somewhat mixed signals on monetary policy from the Federal Reserve. The yellow metal marked two consecutive days of small gains as it staged a recovery from a near one-month low touched last week. Gold saw a volatile session on Tuesday after Fed Chair Jerome Powell reiterated that the central bank may need to raise interest rates further due to strength in the labor market and elevated inflation.
Analysis: SCRUM Team
