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Instrument: GOLD
Technical Analysis
Bearish Preference: Sell is envisaged if price trades below 1832.27 with take profit at 1823.53.
Bullish Preference: Buy is envisaged if price trades above 1839.95 with take profit at 1844.21.
Fundamentals:
Advance GDP q/q 2:30pm USD
Comment: Gold has been weighed down drastically recently and this is major because of the increase in the strength of the dollar. Recently, Jerome Powell stated concerns on the slow economic growth of the U.S due to the impact of COVID, however, he stated actions will be taking to support a growth in the U.S economy. Rates also remained unchanged, however, investors are having positive sentiment on the dollar which in turn makes GOLD less attractive.
