Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1773.69 with take profit at 1775.97
Bearish Preference:
Sell position is envisaged if price trades below 1764.89 with take profit at 1762.10
Fundamentals:
No major Fundamentals
Comment:
Gold prices sank over 1.6% on Monday, offering a pessimistic start to the new trading week. The anti-fiat yellow metal was pressured by a combination of a surging US Dollar and Treasury yields, likely reflecting more hawkish Federal Reserve monetary policy expectations. Unsurprisingly, Wall Street broadly underperformed.
Analysis: SCRUM Team