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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1758.52 with take profit at 1760.05
Bearish Preference:
Sell position is envisaged if price trades below 1751.54 with take profit at 1749.86
Fundamentals:
None with high impact on the pair.
Comment: Gold rallied strongly on Friday, rising over 20 dollars to test USD 1780.00 an ounce. However, the US Non-Farm Payrolls kept the Fed taper trade alive and saw US bond yields rise once again. That was enough to sap fragile confidence in the gold rally, which gave back all its intra-day gains to finish just 0.10% higher at USD 1757.20 an ounce.
Analysis: SCRUM Team
