Instrument: GOLD
Bullish Preference:
A Buy position is envisaged if the price trades above 1908.04 with take profit at 1911.20.
Bearish Preference:
A Sell position is envisaged if the price trades below 1883.33 with take profit at 1878.83.
Fundamentals:
No High Impact
Comment:
Gold price (XAU/USD) hits a fresh monthly low as pressure from a strong US Dollar and high Treasury yields deepens after Federal Reserve (Fed) policymakers see further policy-tightening appropriate. The precious metal skids below the crucial support of $1,900.00 as excess inflationary pressures seem stickier than expected and may encourage the Fed to keep interest rates elevated for a longer period than projected.
Analysis: SCRUM Team