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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1796.58 with take profit at 1800.17.
Bearish Preference:
Sell position is envisaged if price trades below 1781.95 with take profit at 1778.27.
Fundamentals:
1:30pm USD Core Retail Sales m/m
USD Retail Sales m/m
2:15pm USD Industrial Production m/m
6:30pm USD Fed Chair Powell Speaks
Comment: Gold was down on Tuesday morning in Asia. However, the yellow metal stayed near an over one-week peak as ever-rising numbers of COVID-19 cases globally and recent disappointing Chinese economic data boosted safe-haven assets. Gold futures inched down after hitting its highest level since Aug. 6 on Monday. The dollar, which usually moves inversely to gold, inched up on Tuesday.
Analysis: SCRUM Team
