Daily Market Analysis 02/08/2021: GOLD

Instrument: GOLD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 1811.34 with take profit at 1813.36.

Bearish Preference: 
Sell position is envisaged if price trades below 1805.92 with take profit at 1804.03.

Fundamentals:
3:00pm    USD    ISM                                  Manufacturing PMI 

Comment: Gold prices pulled back to $1,812 during Monday’s APAC session as traders awaited the US nonfarm payrolls report this week. The DXY US Dollar Index rebounded to 92.09, exerting downward pressure on the yellow metal. Technically, gold prices may be forming a “Double Top” pattern after failing to breach the 1,835 resistance for a second try.

Analysis: SCRUM Team