Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1750.90 with take profit at 1753.77.
Bearish Preference:
Sell position is envisaged if price trades below 1746.48 with take profit at 1744.22.
Fundamentals: No Major Fundamental
Comment: Gold (XAU/USD) is struggling to extend the bounce from Friday as risk sentiment holds a positive tone into the new week. The Evergrande situation seems to be moving out of sight after China’s liquidity injections, but US yields are picking up again after jumping to a two-month high last Thursday post-FOMC meeting. There is a large number of Fed speeches this week, with Evans, Williams, and Brainard scheduled for today, and investors are likely to be looking for further guidance after last week’s taper signals.
Analysis: SCRUM Team