Instrument: GOLD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 1816.53 with take profit at 1819.82
Bearish Preference:
A Sell position is envisaged if the price trades below 1808.85 with take profit at 1806.47
Fundamentals:
4pm USD Fed Chair Powell Testifies
USD JOLTS Job Openings
7:01pm USD 10-y Bond Auction
Comment:
Gold prices were flat on Wednesday after logging their worst drop in a month as U.S. Federal Reserve Chair Jerome Powell indicated that a recent spike in inflation would likely see interest rates rise more than initially expected. This saw the yellow metal reverse nearly all of its recent gains and fall near levels last seen in late-December. Gold prices also logged their worst day in over a month on Tuesday, plummeting nearly 2%.
Analysis: SCRUM Team
