Instrument: GOLD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1779.34 with a take profit at price 1783.50.
Bearish Preference:
A Sell position is envisaged if price trades below price 1767.56 with a take profit at price 1764.32.
Fundamentals:
No major Fundamental
Comment: In recent time Gold has the potential of making a higher move due to constant drop in strength on the part of USD.
Gold prices extended higher during Monday’s APAC hours as falling yields and the prospect of rising Chinese demand boosted the appeal of the precious metal. Gold prices have already climbed 2.29% over the last two trading sessions, propelled by a weaker US Dollar and sliding yields. Prices have surged above the trend-defining 50-day SMA line and have potentially opened the door for further gains.
currently having a temporary pull back, but we still expect a buy.
Analysis: SCRUM Team
