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Instrument: GOLD
Technical Analysis
Bearish Preference:
A Sell position is envisaged if price trades below price 1725.82 with take profit at price 1721.64
Bullish Preference:
A Buy position is envisaged if price trades above 1733.10 with a take profit at price 1737.42.
Fundamentals:
2:00pm USD Fed Chair Powell Speaks
Comment: Gold prices slipped on Monday as investors opted for alternative safe-haven assets such as the U.S. dollar and bonds after Turkey’s abrupt decision to replace its central bank head with a critic of high interest rates sparked financial uncertainty.
Fed Chairman Jerome Powell reiterated in a Wall Street Journal editorial that the Fed will continue to provide aid to the economy “for as long as it takes” with the recovery currently far from complete. He added the U.S. would pull out of the COVID-19 crisis “stronger and better, as we have done so often before.
Analysis: SCRUM Team
