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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1775.65 with take profit at 1777.06.
Bearish Preference:
Sell position is envisaged if price trades below 1770.15 with take profit at 1768.15.
Fundamentals:
7:00sm USD FOMC Economic Projections
7:30pm USD FOMC Press Conference
Comment: Gold prices rose once again overnight as investors continued to hedge a variety of potential market risks this week including Evergrande contagion concerns, the FOMC, the US debt ceiling and the US spending bill. Traders will be scrutinizing the Fed’s every comment for clues into the anticipated wind down of its $120 billion per month quantitative program – especially in light of recent mixed economic data accompanied by rapidly surging global inflation.
Analysis: SCRUM Team
