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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1875.09 with take profit at 1878.44
Bearish Preference:
Sell position is envisaged if price trades below 1866.58 with take profit at 1863.48
Fundamentals:
None with high impact on the commodity
Comment:
The risk-averse market atmosphere is helping the dollar find demand as a safe haven at the start of the new week and the US Dollar Index is sitting at its highest level since November 2002. Gold registered losses for the third straight week and trades in negative territory early Monday. Although the risk-averse environment helps the precious metal limit its losses for the time being, another leg higher in US yields could force the pair to continue to push lower.
Analysis: SCRUM Team
