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Intraday: Bullish
Technical Analysis
Preference:
Buy position is envisaged if price trades above 1737.15 with take profit at 1743.78.
Alternative scenario:
Sell position is envisaged if price trades below 1726.14 with take profit at 1717.77
Fundamentals:
No major economic data with direct bearing on the commodity
Comment: Gold traded higher yesterday after U.S Fed. Chairman stated interest rates were not going to be increased in a bid to build back the economy. This means, interests were low and it would take longer to recover investments in the US, hence, investors flocked over to GOLD. This commodity is envisaged to continue trading bullish for today.
Analysis: SCRUM Team
