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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1793.44 with take profit at 1796.51.
Bearish Preference:
Sell position is envisaged if price trades below 1789.43 with take profit at 1786.13.
Fundamentals:
3:45pm USD Chicago PMI
4:00pm USD Fed Chair Powell Testifies
USD CB Consumer Confidence
USD Treasury Sec Yellen Speaks
7:00pm USD FOMC Member Clarida Speaks
Comment: Gold’s price action continues to underwhelm, as it finished the overnight session down 0.46% at USD 1785.00 an ounce, before eking out a 0.20% gain to USD 1788.50 an ounce in Asia. There are zero signs of any safe-haven bids emerging to shelter from virus volatility, and it is falling despite both US yields and the US dollar also falling. Gold has now closed below its 50,100 and 200 DMAs clustered between USD 1791.00 and USD 1792.50 an ounce.
Analysis: SCRUM Team
