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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1841.79 with take profit at 1844.47
Bearish Preference:
Sell position is envisaged if price trades below 1832.15 with take profit at 1829.08
Fundamentals:
1:30pm USD Core Durable Goods Orders
Comment:
Gold was up on Monday morning in Asia as some countries from the Group of Seven (G7) plan to ban bullion imports from Russia, which might tighten supplies. The International Monetary Fund slashed its U.S. economic growth forecast on Friday, as aggressive Federal Reserve monetary tightening might cool demand, but predicted that the U.S. would “narrowly” avoid a recession.
Analysis: SCRUM Team
