Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1788.02 with take profit at 1791.39.
Bearish Preference:
Sell position is envisaged if price trades below 1779.93 with take profit at 1776.92.
Fundamentals:
No major fundamental
Comment: After a rather volatile week gold is on track to finish the week within 1% of its opening level. Initial fears of the Omicron variant on Friday the 26th boosted the value of the yellow metal due to its inverse relationship with treasury yields, with the 10-year yield dropping around 23 basis points from Monday to Wednesday. Likewise, the US dollar traded lower over the same period which further elevated gold prices due to the metal being priced in dollars.
Analysis: SCRUM Team
