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Instrument: GOLDs
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1768.79 with take profit at 1771.35.
Bearish Preference:
A Sell position is envisaged if price trades below price 1753.78 with take profit at 1750.39.
Fundamentals:
None with high impact.
Comment:
Gold prices retreated from a 2-½ month high on Monday as comments from some members of the Federal Reserve suggested that the bank will continue to act tough against inflation. The yellow metal is still down against the dollar this year, with prices down substantially from their annual peaks of over $2,000. The metal lost its safe haven status, and also largely failed as an inflation hedge this year as rising interest rates pushed up the cost of holding non-yielding assets.
Analysis: SCRUM Team
