Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 110.230 with take profit at 109.861.
Alternative scenario: Buy position is envisaged if price trades above 110.480 with take profit at 110.736.
No major economic data with direct bearing on the currency
Comment: A modest recovery in the global risk sentiment allowed the US Treasury bond yields to stage a goodish bounce from all-time lows. However, growing market concerns over the global outbreak of the deadly coronavirus and its impact on the world economy held investors from placing aggressive bullish bets, which seemed to be one of the key factors capping the upside.
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1638.59 with take profit at 1626.79.
Alternative scenario: Buy position is envisaged if price trades above 1651.85 with take profit at 1666.14.
No major economic data with direct bearing on the commodity
Comment: Analysts attributed the decline in gold prices to profit-taking after the yellow metal hit a more-than seven-year high this week amid safe-haven demand as markets feared the coronavirus outbreak would rattle global markets. Meanwhile, policy easing measures from various central banks to shore up the economy and moderate physical market activities are likely to limit major upside.
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