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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1926.60 with take profit at 1929.89.
Bearish Preference:
Sell position is envisaged if price trades below 1902.13 with take profit at 1899.01.
Fundamentals:
7:00pm USD FOMC Economic Projections7:30pm
7:30pm USD FOMC Press Conference
Comment:
Gold steadied on Wednesday, with a weaker dollar offsetting pressure from higher U.S. Treasury yields as investors await the first pandemic-era U.S. Federal Reserve interest rate hike. Gold is highly sensitive to rising U.S. interest rates, and consequently higher yields on benchmark U.S. 10-year Treasury notes, which increase the opportunity cost of holding non-yielding bullion.
Analysis: SCRUM Team
