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Instrument: GOLD
Bullish Preference:
A Buy position is envisaged if the price trades above 1987.24 with take profit at 1990.31
Bearish Preference:
A Sell position is envisaged if the price trades below 1982.15 with take profit at 1978.55
Fundamentals:
No Fundamental News
Comment:
Gold prices rise on bets of no more Fed rate hikes, but gains limited.
Gold prices rose on Thursday, encouraged by a weaker dollar and Treasury yields after the Federal Reserve struck a less hawkish tone than expected, although gains in the yellow metal were limited by increased risk appetite.
The central bank left interest rates on hold, as widely expected, on Wednesday. But comments from Fed Chair Jerome Powell saw markets pricing in a diminished chance of any more rate hikes, especially as the Fed chair acknowledged that financial conditions had tightened substantially in recent months.
Analysis: SCRUM Team
