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Instrument: GOLD
Technical Analysis
Bearish Preference:
A sell position is envisaged if price trades below price 1703.97 with a take profit at price 1696.45.
Bullish Preference:
A buy position is envisaged if price trades above price 1727.25 with take profit at price 1738.90.
Fundamentals:
7:00pm USD FOMC Member Brainard Speaks
8:00pm USD FOMC Member Daly Speak
Comment: Gold was down on Tuesday morning in Asia, even with a retreat in U.S. Treasury yields and progress on a massive stimulus package in the U.S. cheered investor sentiment. The dollar, which normally moves inversely to the yellow metal, was up on Tuesday. Investors now turn to Fed Chairman Jerome Powell, who will speak at a Wall Street Journal event on Thursday where he is expected to discuss the economy and implementation of the newly approved $1.9 trillion stimulus package.
Analysis: SCRUM Team
