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Instrument: GOLD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1991.46 with take profit at 1995.03.
Bearish Preference:
A Sell position is envisaged if price trades below 1970.87 with take profit at 1964.34.
Fundamentals:
No major Fundamental
Comment:
Gold made an 18-month high as markets reeled on Monday. The implications of a US ban on Russian oil imports ricocheted through commodities, to stocks, to bonds, to currencies. US Secretary of State Antony Blinken spoke on NBC and said that the US is in discussions with their European allies about placing a ban on all Russian oil imports. He further hinted that the US might impose a ban on Russian oil even if Europe doesn’t. The economic consequences are still being weighed.
Analysis: SCRUM Team
