Instrument: GOLD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 1860.93 with take profit at 1863.69
Bearish Preference:
A Sell position is envisaged if the price trades below price 1854.50 with take profit at 1850.71
Fundamentals:
4:00pm USD ISM Manufacturing PMI
USD JOLTS Job Openings
8:00pm USD FOMC Meeting Minutes
Comment:
Gold prices hovered around six-month highs on Wednesday, cutting short a recent rally as traders bought back into the dollar in anticipation of more cues on monetary policy from the minutes of the Federal Reserve’s December meeting. The yellow metal marked a strong start to the new year as concerns over a looming recession and a potential slowdown in U.S. interest rate hikes led to increased demand for safe havens apart from the dollar.
Analysis: SCRUM Team
