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Daily Market Analysis 27/10/2021: GOLD

Instrument: GOLD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 1790.96 with take profit at 1792.96.
Bearish Preference: 
Sell position is envisaged if price trades below 1784.80 with take profit at 1782.80.
Fundamentals:
1:30pm USD Core Durable Goods Order

Comment: It appears that gold is struggling to maintain gains above USD 1800.00. It appears that despite longer-dated yields easing in the US, the rise of the short-dated yields and the flattening of the US yield curve is weighing on gold, as is the US dollar’s quiet, but firm strength this week.

Analysis: SCRUM Team

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