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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1851.48 with take profit at 1853.13
Bearish Preference:
Sell position is envisaged if price trades below price 1845.21 with take profit at 1843.34
Fundamentals:
1:45pm USD Fed Chair Powell Speaks
Comment:
Gold was down on Friday morning in Asia, as the U.S. dollar and U.S. Treasury yields clawed back after a decline during the previous session. The U.S. Federal Reserve delivered on Wednesday its biggest interest rate hike since 1994. The Swiss National Bank also unexpectedly hiked rates by 50 basis points on Thursday, while the Bank of England raised its interest rates to 1.25% on the same day.
Analysis: SCRUM Team
