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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1711.80 with take profit at 1712.95
Bearish Preference:
Sell position is envisaged if price trades below 1704.70 with take profit at 1703.35
Fundamentals:
None with high impact
Comment:
A pullback in the US Dollar hasn’t encouraged confidence in gold prices, with XAU doing very little just above the 1,700 level. This follows last week’s drop below September 2021 low as prices fell for a fifth consecutive week. The price behavior suggests that gold bulls may have completely abandoned the case that prices would benefit from extremely high global inflation. XAU remains muted as stock indexes across the Asia-Pacific region fall in Tuesday trading.
Analysis: SCRUM Team
