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Instrument: GOLD
Intraday: Bearish
Technical Analysis
Preference:
Sell position is envisaged if price trades below 1765.44 with take profit at key level 1761.78.
Alternative scenario:
Buy if price trades above 1770.34 with take profit at 1775.05.
Fundamentals:
USD 1:30pm
Average Hourly Earnings m/m
Non-Farm Employment Change
Unemployment Rate
Comment: Gold seen as a safe haven has always reacted negatively when sentiments in the market become positive.
Given that a potential Covid 19 treatment is underway and showing great signs, it is envisaged that Gold trades bearish today. We should also be cautious of the NFP new coming out by 1pm today as it also determines investors sentiment on the state of the U.S economy.
Analysis: SCRUM Team
