Instrument: Gold
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1808.89 with take profit at 1813.04.
Bearish Preference:
Sell position is envisaged if price trades below 1797.16 with take profit at 1794.36 .
Fundamentals:
All Day G20 Meetings
Comment: Concerns over slowing global economic growth, coupled with fears over Covid flareups, particularly in Europe and Asia, boosted safe-haven flows into the precious metal. However, these weren’t sufficient for gold to maintain the recent high.
Today gold is directionless, ranging around the USD1800 level, although it’s set for its third straight week of gains. Looking ahead, the Fed Monetary Policy Report could offer some direction for the precious metal later in the session.
Analysis: SCRUM Team