Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1801.54 with take profit at 1803.18.
Bearish Preference:
Sell position is envisaged if price trades below 1795.04 with take profit at 1793.30.
Fundamentals:
No major fundamental
Comment: Gold gained across the board last week as rising G10 inflation expectations outpaced gains in sovereign bond yields – including US Treasury yields. Gold in USD-terms (XAU/USD) added +1.42%, which alongside gold in GBP-terms (XAU/GBP), was tied for the best performing gold-cross on the week. We will expect more of buy this week on this precious metal as there is no major fundamental to boost USD.
Analysis: SCRUM Team