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Instrument: GOLD
Intraday: BEARISH
Technical Analysis
Preference:
Sell position is envisaged if price trades below 1896.98 with take profit at 1880.93
Alternative scenario:
Buy position is envisaged if price trades above 1923.74 with take profit at key level 1936.05
Fundamentals:
3:30pm USD Fed Chair Powell Testifies
Comment: Earlier in the day during the Asian session, a stronger US dollar cracked gold’s appeal, with the dollar index holding onto its overnight gains against its rivals. Although Gold was underpinned by worries about fresh lockdowns in Europe which has reported another surge in virus cases, Investors now turn to speeches by various Fed committee members, including Chairman Jerome Powell, who is scheduled to appear before Congressional committees.
Analysis: SCRUM Team
