Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1802.44 with take profit at 1804.48 .
Bearish Preference:
Sell position is envisaged if price trades below 1797.11 with take profit at 1795.16
Fundamentals:
No major fundamental
Comment: Gold was relatively stable even though the US Dollar tumbled on Friday. The US Dollar index (DXY) was down 0.52% on the day after US payroll numbers disappointed markets. The change in non-farm payrolls came in at 199k instead of 450k expected for December. However, the unemployment rate dropped to 3.9% rather 4.1% anticipated. Gold remains susceptible to rising real yields after Treasuries sold off again to end last week. The benchmark 10-year note traded just shy of 1.80% on Friday, which is the highest level since the pandemic began.
Analysis: SCRUM Team