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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1728.99 with take profit at 1734.43
Bearish Preference:
Sell position is envisaged if price trades below 1719.11 with take profit at 1714.83
Fundamentals:
7:00pm USD FOMC Statement
USD Federal Funds Rate
7:30pm USD FOMC Press Conference
Comment:
Gold was down on Wednesday morning in Asia ahead of the policy decision from the U.S. Federal Reserve. Gold futures edged down 0.15% to $1,715.20 by 11:52 PM ET (3:52 AM GMT). The dollar, which normally moves inversely to gold, edged down on Wednesday morning. U.S. equities fell on Tuesday ahead of an expected interest rate hike decision from the Fed as investors were concerned about the slowing economy with signs of energy woes in Europe.
Analysis: SCRUM Team
