Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1840.46 with take profit at 1842.43 .
Bearish Preference:
Sell position is envisaged if price trades below 1835.99 with take profit at 1833.84.
Fundamentals:
4:00pm USD CB Consumer Confidence
Comment: Gold futures are edging lower on Tuesday, as concerns about a faster pace of policy tightening by the U.S. Federal Reserve overshadowed safe-haven demand fueled by escalating tension over Ukraine. From a market perspective, gold is being underpinned by a small drop in U.S. Treasury yields, but a slightly stronger U.S. Dollar is providing resistance. Putting a lid on the market, however, are rising Treasury yields on Fed tapering expectations and hedge fund position-squaring. In other news, holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, rose to their highest since late August 2021 last Friday.
Analysis: SCRUM Team
