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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1926.03 with take profit at 1928.38.
Bearish Preference:
Sell position is envisaged if price trades below 1920.84 with take profit at 1918.57.
Fundamentals:
5:PM US ZONE: Fed Chair Powell Speaks
Comment:
Gold prices rebounded 0.3% during Monday’s APAC mid-day trading session after falling 3.4% last week. The Federal Reserve raised interest rate by 25 bps for the first time since 2018 and projected six more rate hikes this year at the FOMC meeting. The prospect of monetary tightening weighed on the non-interest-bearing metal. US CPI hit a four-decade high of 7.9% in February, urging the central bank to tighten at a faster pace to tackle eye-watering inflation that threatened the post-pandemic economic recovery.
Analysis: SCRUM Team
