Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1783.94 with take profit at 1785.90.
Bearish Preference:
Sell position is envisaged if price trades below 1777.60 with take profit at 1775.79.
Fundamentals:
1:15pm USD ADP Non-Farm Employment Change
3:00pm USD ISM Services PMI
7:00pm USD FOMC Statement
7:30pm USD FOMC Press Conference
Comment:
Gold was down on Wednesday morning in Asia, with the focus squarely on the latest U.S. Federal Reserve policy decision. Investors will assess the U.S. central bank’s plans to combat rising inflation and calm worries about the economic recovery from COVID-19. The Fed will hand down its decision later in the day, where it is widely expected to reveal its asset tapering timeline. The central bank is likely to begin paring its monthly asset purchases by $15 billion each month until ending them by mid-2022, but the timeline for interest rate hikes remains uncertain.
Analysis: SCRUM Team