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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1779.24 with take profit at 1781.56
Bearish Preference:
Sell position is envisaged if price trades below 1775.31 with take profit at 1772.93
Fundamentals:
No major fundamental
Comment:
It remains to be seen if the Federal Open Market Committee (FOMC) Minutes will influence the price of gold as the slowdown in the US Consumer Price Index (CPI) dampens bets for another 75bp rate hike, but hints of a looming shift in the Fed’s approach for combating inflation may prop up the precious metal as the central bank appears to be on track to winddown its hiking-cycle over the coming months.
Analysis: SCRUM Team
