Analyst
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1.13321 with take profit at 1.14000
Alternative scenario: Sell position is envisaged if price trades below 1.12649 with take profit at 1.12093
Main Refinancing Rate (EUR) 1:45 PM
Monetary Policy Statement (EUR) 1:45 PM
ECB Press Conference (EUR) 2:30 PM
Comment: The US has been affected greatly by the COVID; this can be seen from the numerous businesses having a decline in their overall activities. US treasuries and yields dropping. most economic activities slowing down, and a disappointing speech from the US president which was not reassuring them of their safety. Investors are shying off from the dollar of late and moving over to safer instruments such as Gold and Yen. It is envisaged that the dollar weakens further today.
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1641.68 with take profit at 1650.50
Alternative scenario: Sell position is envisaged if price trades below 1629.73 with take profit at 1611.63
No major economic data with direct bearing on the commodity expected today.
Comment: Gold has always been seen as a safe haven and despite the dip recently, it is still considered the safest bet. Most analysts project Gold to reach the $2000 price level and it may be very much possible by next week when the feds. may cut rates by half. It is envisaged that Gold trades bullish today, given that it traded towards a support zone between yesterday and the early hours of today
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