Daily Market Analysis 12|01|2021: GOLD

Daily Analysis / Online Education

Daily Market Analysis 12|01|2021: GOLD

Instrument: GOLD

Technical Analysis

Bullish Preference: 
Buy is envisaged if price trades above 1862.70 with take profit at 1871.42.
Bearish Preference: 
Sell is envisaged if price trades below 1856.40 with take profit at 1847.60.
No Major Fundamentals.

Comment: Gold was down early hours on Tuesday morning, declining slightly as a firmer dollar and high Treasury yields outweighed U.S. political uncertainty and rising numbers of COVID-19 cases globally. Benchmark Treasury yields continued at 10-month highs as investor prepare for higher government spending under the incoming Joe Biden administration. The expectations drove the dollar, which usually moves inversely to gold, up on Tuesday.

Analysis: SCRUM Team

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