Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1821.00 with take profit at 1830.00
Bearish Preference:
Sell position is envisaged if price trades below 1800.00 with take profit at 1790.00
Fundamentals:
No major economic data with direct bearing to this commodity.
Comment: Gold has seen positive reactions today and this is majorly due to the loss of jobs in the US indicated by the rising number of unemployment claims, also due to the rising cases of corona virus; also given its attractiveness as a hedge against a weakened stock market, Gold supports a bullish move temporarily. Furthermore, despite the news on vaccines to combat COVID, issues surrounding the distribution would have an effect and may not be resolved till the second quarter of 2021, hence, a bullish move is envisaged on this pair.
Analysis: SCRUM Team