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Daily Market Analysis 06.07.2022: GOLD

Instrument: GOLD

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 1773.79 with Take Profit at 1777.48
Bearish Preference: 
Sell position is envisaged if price trades below price 1762.08 with Take Profit at 1758.43
Fundamentals:
3:00pm   USD JOLTS Job Openings              
                USD ISM Services PMI
7:00pm   USD    FOMC Meeting Minutes

Comment:
Gold hovered near a fresh seven-month low on Wednesday, with the dollar perched at a two-decade peak, as investors continued to snub bullion and look to the greenback for safety amid growing anguish over a worsening global economic outlook. Meanwhile, the U.S. Federal Reserve will release minutes from its June policy meeting later in the day, which could give investors a clearer picture on the roadmap for interest rates.

Analysis: SCRUM Team

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