Analyst
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1.10406 with take profit at 1.10583.
Alternative scenario: Sell position is envisaged if price trades below 1.10175 with take profit at 1.10047.
German Ifo Business Climate (EUR) 10 am
Comment: The common currency has been under intense pressure since last Thursday after the European Central Bank (ECB) sounded more dovish than expected stating that risks to the economy are tilted to the downside. Upward review of the forecast for the German Ifo business climate expected in the early hours of today is expected to serve as a boost for the common currency in the absence of other major economic data.
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1580.37 with take profit at 1586.71
Alternative scenario: Sell position is envisaged if price trades below 1576.89 with take profit at 1571.29.
No major economic data with direct bearing on the commodity
Comment: The yellow metal gaped upon opening for this week's session owing to the escalating concerns about the economic impact of China's spreading virus outbreak lending support for safe-haven asset classes. The revelation by China's National Health Commission on Sunday that the ability of the coronavirus to spread is getting stronger and infections could continue to rise is envisaged to continue to aid the bullish move on safe-haven assets until the Virus subsides.
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