Instrument: GOLD
Bullish Preference:
A buy position is envisaged if the price trades above 1928.99 with take profit at 1930.74.
Bearish Preference:
A sell position is envisaged if the price trades below 1925.34 with take profit at 1922.65.
Fundamentals:
No Major Fundamental.
Comment:
Gold prices steadied further above key support levels on Tuesday, but the yellow metal still remained under pressure as markets awaited more cues on monetary policy from the Federal Reserve this week. Bullion prices saw some relief over the past two sessions after the Fed’s preferred inflation gauge read lower than expected for May. But the central bank is still expected to hike rates in July. Substantially weaker-than-expected U.S. manufacturing data also ramped up fears of slowing growth, spurring some flows into gold.
Analysis: SCRUM Team