Analyst
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1609.35 with take profit at 1613.42
Alternative scenario: Sell if price trades below 1602.09 with take profit at 1595.09.
No major economic data
Comment: This safe haven has rallied for a while and this can be attributed to the widespread of coronavirus which has dampened economic activities in China and other places in the world. China recently cut their Loan Prime rates which is more negative news, but a positive one for the safe haven. It is envisaged for gold to keep up with this momentum despite the current resistance it got rejected from.
Intraday: Bearish
Preference: Sell if price trades below 29302 with take profit at 29236.
Alternative scenario: Buy position is envisaged if price trades above 29379 with take profit at 29425.
No major economic data
Comment: U.S stocks generally have been feeling the heat as most major US firms have manufacturing plants in china; this has slowed production growth and economic activities. US.30 is envisaged to fall further.
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