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Instrument: GOLD+
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 1984.74 with take profit at 1988.74
Bearish Preference:
A sell position is envisaged if the price trades below price 1969.19 with take profit at 1965.19
Fundamentals:
No major Fundamentals
Comment:
Gold prices fell slightly in Asian trade on Wednesday, but hovered around key levels as markets awaited more cues on U.S. monetary policy from a string of upcoming Federal Reserve speakers and reports. The yellow metal retook the $2,000 level on Tuesday as the dollar and U.S. Treasury yields cooled after a recent recovery rally. But further gains were held back by growing uncertainty over the path of U.S. interest rates, with recent hawkish signals from Fed speakers having spooked markets. Still, gold remained relatively well bid amid fears of an economic slowdown this year, as the effect of high-interest rates is felt by the global economy.
Analysis: SCRUM Team
