Instrument: GOLD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 1854.29 with take profit at 1857.04
Bearish Preference:
A Sell position is envisaged if the price trades below 1842.88 with take profit at 1839.48
Fundamentals:
4:00pm USD Fed Chair Powell Testifies
Comment:
Gold prices kept to a tight range on Tuesday as markets hunkered down ahead of more cues on monetary policy from testimony by Federal Reserve Chair Jerome Powell. Expectations that interest rates will peak sooner, rather than later, saw gold prices stage a strong recovery through the prior week. The yellow metal also saw some safe-haven demand amid flashing signals of a recession, as an inversion in the U.S. yield curve deepened.
Analysis: SCRUM Team
