Instrument: GOLD
Intraday: Bullish
Technical Analysis
Preference:
Buy position is envisaged if price trades above 1932 with take profit at 1940
Alternative scenario:
Sell position is envisaged if price trades below 1921 with take profit at key level at 1913.
Fundamentals:
No major economic data with direct bearing to this commodity
Comment: Gold has been trying to recover from its losses since the NFP and given the market fear and likelihood of more covid 19 cases, it is envisaged to push higher. The dollar which works inversely to gold has remained weak which is boosting this commodity higher.
Analysis: SCRUM Team