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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1839.40 with take profit at 1841.82
Bearish Preference:
Sell position is envisaged if price trades below price 1833.32 with take profit at 1830.76
Fundamentals:
9:45am USD Flash Manufacturing PMI
USD Flash Services PMI
3:00pm USD Fed Chair Powell Testifies
Comment:
Gold was down as investors expected aggressive interest rate hikes after U.S. Federal Reserve Chair Jerome Powell said the central bank is fully committed to bringing prices down. Investors are expecting aggressive interest rate hikes after the Fed Chair’s testimony to the Senate. Powell said on Wednesday that he would not rule out a 100-basis point increase in interest rates, adding that the central bank would take whatever moves necessary to restore price stability. “With (Fed Chair Jerome) Powell pointing out overnight that 1% rises were a real possibility, it’s a reminder of that constant pressure on gold prices from rising interest rates.
Analysis: SCRUM Team
