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Instrument: Gold
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1876.82 with take profit at 1880.96.
Bearish Preference:
Sell position is envisaged if price trades below 1847.87 with take profit at 1844.40.
Fundamentals:
No major Fundamentals
Comment: Gold prices extended lower during Monday’s APAC session after falling 1.14% on Friday, as the US Dollar climbed alongside longer-dated Treasury yields. Demand for the Fed’s overnight reverse repo facility (ON RRP) surged to a record high of $547.8 million on June 11th, reflecting swelling liquidity at financial institutions. A reverse repo happens when a central bank sells securities and raises cash from the markets in order to provide stability in lending flows. It usually happens when there is too much liquidity cash and demand for interest-bearing securities rises.
Analysis: SCRUM Team
