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Instrument: GOLD+
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1750.11 with take profit at 1754.54
Bearish Preference:
Sell position is envisaged if price trades below 1731.98 with take profit at 1728.18
Fundamentals:
3:45pm USD Flash Services PMI
8:00pm USD FOMC Meeting Minutes
Comment:
Gold prices steadied on Wednesday, while copper extended strong gains as risk-driven assets rallied on expectations that the Federal Reserve will hike interest rates at a slower pace in the near-term, which also trimmed dollar gains. A growing number of Fed officials said in recent weeks that the central bank is likely to raise interest rates by a relatively smaller margin – 50 basis points (bps) – in December. This spurred a growing amount of bets that U.S. inflation has peaked, and that the central bank will eventually taper its pace of interest rate hikes further.
Analysis: SCRUM Team
