Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1805.92 with take profit at 1807.95.
Bearish Preference:
Sell position is envisaged if price trades below 1796.72 with take profit at 1795.02.
Fundamentals:
USD1:30 PM Unemployment Claims
3:00PM CB Leading Index m/m
Comment: A strengthening dollar and increasing risk appetite as concerns over surging COVID-19 cases abated, both decreasing the yellow metal’s appeal to investors. Gold prices are under pressure because the dollar is now hovering around highest in three months and Wall Street rebounded for the second day meaning that traders are shrugging off COVID-19 concerns and back to reflation trade.
Analysis: SCRUM Team