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Instrument: GOLD
Intraday: Bullish
Technical Analysis
Preference:
Buy position is envisaged if price trades above 1804.72 with take profit at key level 1810.84.
Alternative scenario:
Sell if price trades below 1790.54 with take profit at 1781.35.
Fundamentals:
CPI m/m (USD) 1:30 pm
Core CPI m/m (USD) 1:30 pm
Comment: The yellow metal has seen its price spike due to market instability caused by COVID, but as a lot of countries begin to flatten their curve and the economic sector reopens, we have seen gold price fall a bit, but investors are very careful in believing that everything would be back to normal in such a short time line. Looking at the H1 and H4 we can see the instrument is on a strong support and the likelihood of prices moving higher is strong.
Analysis: SCRUM Team
