Instrument: GOLD
Technical Analysis
Bearish Preference:
A Sell position is envisaged if price trades below 1741.41 with a take profit at 1719.92.
Bullish Preference:
A Buy position is envisaged if price trades above price 1780.05 with take profit at price 1793.15
Fundamentals:
USD: Core PCE Price Index m/m (2:30pm)
USD: Chicago PMI (3:45pm)
Comment: The Precious Metal which is seen as a safe haven for the dollar has been on a steady decline for two weeks straight now due to the positive optimism of investors towards the global impact of the vaccine which could lead to the reopening of the economy.
Hence, this has boosted the U.S treasury yield higher and Gold is currently on a bearish trend. However, Gold is currently on a support region of 1760 and might continue its movement down if the dollar pressure makes it to break this zone of support.
Analysis: SCRUM Team
