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Instrument: GOLDs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1793.53 with take profit at 1796.53.
Bearish Preference:
Sell position is envisaged if price trades below 1777.31 with take profit at 1769.29.
Fundamentals:
None with high impact on the commodity.
Comment: the yellow metal is set to close the week at its lowest level since March 2020 as investors continued to digest the U.S. Federal Reserve’s surprisingly hawkish policy decision.
Fed officials hinted that asset tapering discussions have already begun as it handed down its policy decision earlier in the week. The Fed will also likely raise interest rates earlier than expected, with two hikes planned by the end of 2023.
Analysis: SCRUM Team
