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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1893.66 with take profit at 1898.47
Bearish Preference:
Sell position is envisaged if price trades below 1884.50 with take profit at 1880.23.
Fundamentals:
No major Fundamental.
Comment:
Gold prices pulled back to $1,892 from an eight-month high of $1,908 during Monday’s APAC mid-day trading session after French media said that US President Joe Biden and Russian President Vladimir Putin agreed in principle to hold a summit about the Ukraine crisis, bringing hopes that the dispute can be resolved in a diplomatic way. This news cooled demand for safety and dampened the appeal of gold, which is perceived as a haven asset and hedge against geopolitical risks.
Analysis: SCRUM Team
