Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1856.96 with take profit at 1858.89
Bearish Preference:
Sell position is envisaged if price trades below 1849.98 with take profit at 1847.62
Fundamentals:
No Major Fundamental
Comment:
Gold was up on Monday morning in Asia even as the U.S. jobs report signaled more interest rate increases this year that could weigh on non-yielding bullion. In addition, last Friday, Ghana’s gold production fell 30% last year to its lowest in more than a decade, knocking the country off its spot as Africa’s top producer, according to the president of the mines chamber. The previous week, gold discounts widened in India as demand faltered due to a rise in prices and a winding up of the wedding season. Consumers in top consumer China also remained cautious of purchasing bullion amid a gradual relaxing of coronavirus restrictions.
Analysis: SCRUM Team