Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1804.75 with take profit at 1807.31.
Bearish Preference:
Sell position is envisaged if price trades below 1796.01 with take profit at 1791.67.
Fundamentals:
No major fundamental
Comment: Gold was down on Monday morning in Asia as the Fed signaled an earlier interest rate hike, while fears over the Omicron COVID-19 variant spreading continues. The dollar, which normally moves inversely to gold, inched up on Monday after Fed Governor Chris Waller said on Friday the central bank is likely to raise interest rates “shortly after” the end of bond purchases in March 2022.
Analysis: SCRUM Team
