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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1831.68 with take profit at 1833.24
Bearish Preference:
Sell position is envisaged if price trades below 1824.60 with take profit at 1823.13
Fundamentals:
No Major Fundamental
Comment:
Gold was down on Friday morning in Asia, set for its second straight decline, with worries of big interest rate hikes from the U.S. Federal Reserve weighing on bullion demand. Fed Chair Jerome Powell reiterated that the central bank’s inflation fight is “unconditional” on Thursday, while Fed Governor Michelle Bowman said she supports another 75-basis points interest rate hike in July, followed by a few more half-point hikes.
Analysis: SCRUM Team
