Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1853.00 with take profit at 1855.71
Bearish Preference:
Sell position is envisaged if price trades below 1845.79 with take profit at 1843.00
Fundamentals:
1:30pm USD CPI m/m
USD Core CPI m/m
Comment:
The Dollar, which normally moves inversely to the gold, inched down on Wednesday morning, but the moves were small. The tightened policy to fight inflation from the U.S. Federal Reserve has fueled five weeks of gains for the dollar. The Fed raised its interest rates to 1% last week. Fed officials on Tuesday reiterated their stance on the aggressive efforts to slow the fastest inflation in 40 years.
Analysis: SCRUM Team
