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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1807.70 with take profit at 1809.38.
Bearish Preference:
Sell position is envisaged if price trades below 1802.32 with take profit at 1800.62.
Fundamentals:
No major fundamentals
Comment: Despite the U.S dollar showing signs of stability on Tuesday, gold traded above $1,800 per ounce. COVID-19 may be able to delay the Federal Reserve’s planned asset tapering in the near future. After losing 0.6% the day before, the dollar, which is normally inversely correlated to gold, began to edge up on Tuesday.
Analysis: SCRUM Team
