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Instrument: GOLD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1741.50 with take profit at 1744.47
Bearish Preference:
A Sell position is envisaged if price trades below price 1741.50 with take profit at 1744.47
Fundamentals:
None with high impact.
Comment:
Gold and Silver prices came under selling pressure to start the new trading week. Taking a closer look reveals that their weakness was likely an extension of price action seen last week. Since the end of July, the markets have been gradually paring back 2023 dovish Federal Reserve policy expectations. At one point, over 2 cuts were priced in for the next year.
Analysis: SCRUM Team
