Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1825.93 with take profit at 1827.78 .
Bearish Preference:
Sell position is envisaged if price trades below 1821.44 with take profit at 1819.59 .
Fundamentals:
No Major Fundamental
Comment: With higher vaccine efficacy shown by the Johnson & Johnson offering, the seriousness of the Omicron variant has dissipated and sentiment shifting to a more risk seeking approach this New Years. The allure of spot gold as a safe-haven asset should follow suit however the weaker dollar (during the festive period) gave a boost to GOLD but we expect the dollar to pick up soon.
Analysis: SCRUM Team