Instrument: GOLD
Intraday: BULLISH
Technical Analysis
Preference: Buy position is envisaged if price trades above 1955.00 with take profit at 1958.60.
Alternative scenario: Sell position is envisaged if price trades below 1949.00 with take profit at key level at 1945.00.
Fundamentals:
No major economic data with direct bearing to this commodity.
Comment: Gold gained massive strength earlier Friday morning due to disappointing U.S employment data and a weaker dollar. This was also supported by the handing down policy approach the central bank is taking to boost economic recovery.
Given the rise in COVID 19 cases, it is envisaged that Gold will keep gaining strength towards to upside.
Analysis: SCRUM Team