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Instrument: GOLD
Technical Analysis
Bearish Preference:
Sell position is envisaged if price trades below the verified support at price 1686.04 with take profit at 1672.53
Bullish Preference:
Buy position is envisaged if price trades above 1708.80 with a take profit at price 1719.56
Fundamentals:
No major fundamental
Comment: Gold futures finished slightly lower on Friday after clawing back earlier losses. Despite reports in the press and from some lazy analysts, the market did not make its low of the session following the release of the stronger-than-expected U.S. Non-Farm Payrolls report.
During the pre-market session, gold futures hit a low of $1683.00. Shortly after the release of the report, gold plunged to $1683.80. This is significant because it represents a potentially bullish divergence from U.S. Treasury yields which touched a new high for the year after the jobs data was released.
Analysis: SCRUM Team
