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Instrument: GOLD
Intraday: Bearish
Technical Analysis
Preference:
Sell position is envisaged if price trades below 1803.05 with take profit at key level 1800.50.
Alternative scenario:
Buy if price trades above 1808.05 with take profit at 1813.02.
Fundamentals:
USD 1pm
Core Retail Sales m/m
Retail Sales m/m
Comment: Gold is expected to trade bearish after news of more COVID vaccine tests have been giving positive results. The commodity also dropped after Trump announced he was not following up on sanctions on Hong Kong, hence, tensions between the two nations have been reduced.
Gold is likewise envisaged to move back to the trendline it bounced off from in the later hours of Tuesday.
Analysis: SCRUM Team
