Instrument: GOLDs
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 2017.24 with take profit at 2020.60.
Bearish Preference:
A sell position is envisaged if the price trades below price 2002.90 with take profit at 1999.19.
Fundamentals:
1:30PM USD Empire State Manufacturing Index
Comment:
Gold prices steadied in early Asian trade on Monday, holding on to key levels after hawkish comments from Federal Reserve officials on the path of interest rate hikes triggered a heavy dose of profit taking in the prior session. The yellow metal sank nearly 2% on Friday after noted Fed hawk, Governor Christopher Waller, called for more monetary tightening even as recent data showed that U.S. inflation retreated steadily from 40-year highs hit last year.
Analysis: SCRUM Team