Instrument: GOLDs+
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above 1993.77 with take profit at 2002.22
Bearish Preference:
A sell position is envisaged if price trades below 1982.19 with take profit at 1973.31
Fundamentals:
No high-impact fundamental affecting the instrument
Comment:
Gold prices traded below key levels on Wednesday as uncertainty over the U.S. debt ceiling sparked a rebound in the dollar and Treasury yields, while copper prices hit over five-month lows on more weak economic signals from China. Gold also saw a measure of profit taking over the past few sessions, after it surged to record highs earlier this month. But recent losses saw bullion lose the closely-watched $2,000 an ounce support level. A rebound in the dollar and U.S. Treasury yields weighed on the yellow metal, as negotiations continued over raising the U.S. debt ceiling ahead of a June 1 deadline.
Source: Investing.com
Analysis: SCRUM Team