Instrument: GOLDs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1862.15 with take profit at 1865.04.
Bearish Preference:
Sell position is envisaged if price trades below 1849.85 with take profit at 1846.80.
Fundamentals:
USD 7:00 pm FOMC Economic Projections
FOMC Statement
Federal Funds Rate
USD 7:30 pm FOMC Press Conference
Comment: Gold was up on Wednesday morning in Asia but remained near its lowest level in four weeks. The dollar steadied ahead of a much-awaited U.S. Federal Reserve policy decision.
There’s no doubt that the Fed is in a tough position. On the one hand, higher inflation calls for the tapering of its historic quantitative easing program. However, on the other hand, the unemployment rate does not warrant a change in the monetary policy stance.
Analysis: SCRUM Team
