Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1860.51 with take profit at 1862.69.
Bearish Preference:
Sell position is envisaged if price trades below 1850.77 with take profit at 1848.45 .
Fundamentals:
None with high impact on the commodity
Comment: Gold was up on Wednesday morning in Asia but remained near a recent low as strong U.S. retail sales reading drove the dollar close to a 16-month high. Meanwhile, Federal Reserve Bank of St. Louis President James Bullard said on Tuesday that the Fed should “tack in a more hawkish direction” in preparation for longer-term high inflation. Inflation at persistently high levels is raising bets that the Federal Reserve could raise interest rate hikes earlier than expected.
Analysis: SCRUM Team