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Instrument: Gold
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1797.90 with take profit at 1807.41.
Bearish Preference:
Sell position is envisaged if price trades below 1772.40 with take profit at 1766.77.
Fundamentals:
7:00pm USD Fed Chair Powell Testifies
Comment: Gold was up on Tuesday morning in Asia against the dollar’s fall below the $92 mark. Investors digested comments by U.S. Federal Reserve chair Jerome Powell that the inflation will be transitory while await Powell’s speech later in the day.
Although inflation had increased, it will move back toward the Fed’s 2% target once supply imbalances are resolved, Powell said in written remarks prepared for his Tuesday testimony before Congress.
Analysis: SCRUM Team
