Daily Market Analysis 09.01.2024: GOLD

Instrument: GOLD

Bullish Preference:  
A Buy position is envisaged if the price trades above 2037.82 with a take profit at 2041.21
Bearish Preference: 
A Sell position is envisaged if the price trades below 2029.76 with take profit at 2026.53
No Major Fundamental.

Gold prices rose slightly in Asian trade on Tuesday, recovering from a rough start to the year as markets reassessed expectations for early interest rate cuts by the Federal Reserve before key U.S. inflation data due this week.
The yellow metal fell sharply below the $2,050 an ounce level over the past week, tracking a rebound in the dollar as strong labor market data brewed uncertainty over just how much impetus the Fed has to begin loosening policy early.
But gold prices saw some relief this week as the dollar fell from three-week highs, amid some profit-taking. Still, the yellow metal remained well below highs hit in December.

Analysis: SCRUM Team

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