Instrument: GOLD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 1949.68 with a take profit at 1955.63
Bearish Preference:
A Sell position is envisaged if the price trades below 1937.42 with take profit at 1932.37
Fundamentals:
2:30pm USD Advance GDP q/q
Comment:
Gold prices steadied near a nine-month high on Wednesday as fears of a looming recession kept safe haven demand elevated, while copper prices rose on expectations that a recovery in Chinese demand will help offset slowing consumption in other countries. Gold has been on a tear since mid-December amid growing expectations of smaller U.S. interest rate hikes, as economic growth and inflation cool in the country. Prices are also trading about $140 below a record high hit in 2020. Recent losses in Wall Street, following a raft of weak corporate earnings, also fed into fears of slowing economic growth, which in turn boosted demand for gold
Analysis: SCRUM Team