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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1813.43 with take profit at 1815.94.
Bearish Preference:
Sell position is envisaged if price trades below 1807.55 with take profit at 1805.38.
Fundamentals:
2:30pm USD Advance GDP q/q
Comment: Gold was down on Thursday morning in Asia, extending its losses after falling the most in two months. Investors continue to digest a more hawkish-than-expected stance from the U.S. Federal Reserve, amid hints of an “imminent” interest rate hike. The yellow metal slid 1.5% during the previous session after the Fed handed down its latest policy decision. Speaking afterward, Fed Chairman Jerome Powell did not rule out raising interest rates at every meeting in a bid to curb ever-climbing inflation.
Analysis: SCRUM Team
