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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1857.05 with take profit at 1859.66
Bearish Preference:
Sell position is envisaged if price trades below 1845.32 with take profit at 1840.89
Fundamentals:
USD 1:30pm Core Durable Goods Orders m/m
Durable Goods Orders m/m
7:00pm FOMC Meeting Minutes
Comment:
Gold prices slipped on Wednesday, pressured by a firmer dollar as investors look to minutes from the U.S. Federal Reserve’s May policy meeting due later in the day for cues on its policy tightening path. The dollar will probably once again reach towards those maximums that it touched earlier in May because the FOMC minutes will reveal that the Fed is committed to its current hawkish stance and these are bad news for gold.
Analysis: SCRUM Team
