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Daily Market Analysis 28.06.2022: GOLD

Instrument: GOLD

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 1829.91 with take profit at  1831.67
Bearish Preference: 
Sell position is envisaged if price trades  below 1824.09 with take profit at 1822.33
Fundamentals:
3:00PM      US DOLLARS: CB Consumer Confidence  

Comment: 
Gold prices have edged lower in recent days, descending towards symmetrical triangle support in place since the end of April. The fundamental outlook remains bearish, as rising US real yields – nominal Treasury yields less inflation expectations – continue to move up. The outlook holds that “any short-term rallies by gold prices retain a ‘sell the rally’ mindset, particularly as gold prices don’t have a bullish seasonality tendency in June.”

Analysis: SCRUM Team

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