Instrument: Gold
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1795.41 with take profit at 1798.10.
Bearish Preference:
Sell position is envisaged if price trades below 1787.16 with take profit at 1784.45.
Fundamentals:
No major fundamental.
Comment: Gold prices traded modestly higher during Monday’s APAC session, as a weaker US Dollar and lower yields bolstered the appeal of the yellow metal. Prices continued to consolidate in a tight range between $1,750 – $1,795 waiting for fresh catalysts. The DXY US Dollar index pulled away from a 3-month high and Treasury yields retreated across the curve – both are exerting upward pressure on gold. The closure of US markets on Monday may thin out the trading volume, however.
Analysis: SCRUM Team