Analyst
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1.08288 with take profit at 1.08617
Alternative scenario: Sell position is envisaged if price trades below 1.07728 with take profit at 1.07357.
French Flash service PMI (EUR) 8:15 am
German Flash service PMI (EUR) 8:30 am
German Flash Manufacturing PMI (EUR) 8:30 am
Flash Manufacturing PMI (USD) 1:45 pm
Comment: The buck had its strongest performance last week against some of the major currency pairs as the US Congress showed signs of passing the 1.6 Trillion dollar stimulus package. As at yesterday, that package failed as the Republicans couldn't get enough Democratic votes to push the bill through to the Senate floor for debate. This delay did make the markets uncertain hence the weakness of the dollar. Passing this bill is paramount to the dollar surging; if this bill is not passed it is certain the US economy would go into a recession.
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1579.04 now with take profit at 1600.00
Alternative scenario: Sell position is envisaged if price trades below 1542.03 with take profit at 1517.37
Flash Manufacturing PMI (USD) 1:45 pm
Comment: The weakness in the dollar would give strength to Gold as investors look for safe havens to invest in as the dollar crumbles due to congress uncertainty in passing the stimulus package. Looking at the daily time frame we can see that the instrument saw a strong buy yesterday and this could signal a trend reversal for a buy on the yellow metal.
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