Instrument: GOLD
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 1986.81 with take profit at 1991.51
Bearish Preference:
A sell position is envisaged if the price trades below 1970.15 with take profit at 1962.67
Fundamentals:
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Comment:
Gold prices moved little in early Asian trade on Tuesday, hovering well below key levels as anticipation of a likely interest rate hike by the Federal Reserve supported the dollar and dented demand for the yellow metal. The Fed is widely expected to hike interest rates by 25 basis points at the conclusion of a two-day meeting on Wednesday. But markets are uncertain over whether the central bank will signal a pause in its rate hike cycle.
Analysis: SCRUM Team