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Instrument: GOLD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1738.41 with take profit at 1740.35
Bearish Preference:
A Sell position is envisaged if price trades below price 1728.11 with take profit at 1726.20
Fundamentals:
No major fundamental
Comment:
The price of gold slips to a fresh monthly low ($1720) as it carves a series of lower highs and lows, and bullion may continue to give back the rebound from the yearly low ($1681) as it struggles to push back above the 50-Day SMA ($1763). Gold prices recovered slightly on Tuesday, taking some relief as the dollar retreated from a 20-year peak, although hawkish signals from the Federal Reserve still weighed on the market.
Analysis: SCRUM Team
