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Daily Market Analysis 04/08/2021: GOLD

Instrument: GOLD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 1815.37 with take profit at 1816.92.
Bearish Preference: 
Sell position is envisaged if price trades below 1811.27 with take profit at 1809.72.
Fundamentals:
1:15pm    USD     ADP Non-Farm Employment Change
3:00pm    USD    ISM Services PMI

Comment: Gold, like the currency markets, appears to be in wait-and-see mode… gold’s price action remains consolidative but structurally positive and I believe that points to further gains ahead. Gold was up on Wednesday morning in Asia. While receiving a boost from a weakening dollar, the yellow metal was stuck in a narrow range as investors await the latest U.S. jobs data.

Analysis: SCRUM Team

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