Instrument: GOLD
Bullish Preference:
A buy position is envisaged if the price trades above 1918.63 with take profit at 1921.22.
Bearish Preference:
A sell position is envisaged if the price trades below 1912.14 with take profit at 1910.07.
Fundamentals:
No High Impact
Comment:
Gold prices moved little on Monday as markets digested hawkish yet reiterative comments from the Federal Reserve, with a slew of major economic readings on tap this week.
Fed Chair Jerome Powell had warned on Friday that U.S. interest rates could still rise further to curb sticky inflation – a scenario that bodes poorly for gold.
Gold has marked a steady recovery from recent lows, although further strength in the yellow metal remains in question due to a hawkish outlook for U.S. rates. Strength in the dollar, which was trading close to three-month highs, also weighed on metal markets.
Analysis: SCRUM Team