Instrument: GOLDs
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 2020.38 with take profit at 2023.29.
Bearish Preference:
A sell position is envisaged if the price trades below 2009.78 with take profit at 2007.21.
Fundamentals:
1:15pm USD ADP Non-Farm Employment Change
3:00pm USD ISM Services PMI
7:00pm USD FOMC Statement USD Federal Funds Rate
7:30pm USD FOMC Press Conference
Comment:
Gold prices moved little in early Asian trade on Wednesday, but were underpinned by increased safe haven demand amid renewed fears of a banking crisis and uncertainty over monetary policy before a Federal Reserve rate decision. The yellow metal rose sharply on Tuesday as U.S. bank stocks faced a flurry of selling, after the government-brokered takeover of First Republic Bank (NYSE:FRC) by JPMorgan Chase & Co (NYSE:JPM) sparked concerns that several other regional U.S. lenders were facing solvency issues.
Analysis: SCRUM Team