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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1820.84 with take profit at 1822.54.
Bearish Preference:
Sell position is envisaged if price trades below 1813.32 with take profit at 1811.62.
Fundamentals:
USD 1:30 PM Advance GDP q/q
Advance GDP Price Index q/q
Unemployment Claims
Comment: The Fed handed down its decision on Wednesday, with asset tapering making it onto the agenda of the two-day Federal Open Market Committee meeting that preceded it. However, Fed Chairman Jerome Powell warned that the U.S. job market still had “some ground to cover” before the Fed begins to taper its assets, although he did not give a specific timeline. He also downplayed the risk posed by the continuous spread of COVID-19, and its Delta variant globally to the U.S. economic recovery.
Analysis: SCRUM Team
