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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1650.84 with take profit at 1653.31
Bearish Preference:
Sell position is envisaged if price trades below 1642.70 with take profit at 1639.81
Fundamentals:
None with high impact
Comment:
Wall Street closed sharply higher and benchmark Treasury yields hit pause on Friday following signals that the Federal Reserve might consider less aggressive inflation-curbing tactics after November. The rally gained momentum after U.S. Treasury Secretary Janet Yellen said inflation is not becoming embedded in the economy, and San Francisco Federal Reserve President Mary Daly said it is time for the Fed to consider slowing the pace of its interest rate hikes.
Analysis: SCRUM Team
