Instrument: GOLD
Intraday: Bullish
Technical Analysis
Preference:
Buy position is envisaged if price trades above 1766.38 with take profit at 1774.80.
Alternative scenario:
Sell position is envisaged if price trades below 1757.60 with take profit at key level 1751.39.
Fundamentals:
No major economic data with direct bearing to this commodity
Comment: The mixed sentiment among investors have made gold a major instrument to trade. Gold being a safe haven has become more attractive as investors and retail traders buy gold whenever the market shows a decline. Given the rising case of corona virus in the world, sentiments around gold have been bullish, hence, a buy trade is envisaged on this instrument.
Analysis: SCRUM Team