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Instrument: GOLD
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above price 1825.79 with take profit at price 1828.51.
Bearish Preference:
A sell position is envisaged if price trades below price 1821.85 with take profit at price 1819.29.
Fundamentals: No major Fundamentals
Comment: The US dollar is squeezing gently higher in US-holiday thinned trade Monday and has recovered all of Friday’s post-NFP sell-off. The greenback remains in a notable downtrend with a series of lower highs and lows present on the daily chart. From a technical point of view, the DXY needs to remain above last Friday’s low print at 91.94 and close above last Friday’s high at 92.26 to start to break the downtrend in the coming days. The chart shows that the US dollar is still oversold (CCI) although it is not at the extremes seen at the end of last week.
Analysis: SCRUM Team
