Intraday: Bullish
Technical Analysis
Preference:
Buy position is envisaged if price trades above 1722.86 with take profit at 1746.22
Alternative scenario:
Sell if price trades below 1705.06 with take profit at 1690.04
Fundamentals:
Unemployment Claims (USD) 1:30pm
Flash Manufacturing PMI (USD) 2:45 pm
Comment: The past few weeks have witnessed a tremendous gain on the precious metal gold; Due to the fear of countries running into a recession fueled by COVID, investors believe it to be right to pump their money into the precious metal. Gold has gone up to the $1700 level and analysts are confident it will move upwards to the $1800 level; Hence, a bullish stance is being envisaged
Analysis: SCRUM Team