Analyst
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1766.38 with take profit at 1774.80.
Alternative scenario: Sell position is envisaged if price trades below 1757.60 with take profit at key level 1751.39.
No major economic data with a direct bearing on this commodity
Comment: The mixed sentiment among investors has made gold a major instrument to trade. Gold being a safe haven become more attractive as investors and retail traders buy gold whenever the market shows a decline. Given the rising case of coronavirus in the world, sentiments around gold have been bullish, hence, a buy trade is envisaged on this instrument.
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1.12408 with take profit at 1.12129.
Alternative scenario: Buy position is envisaged if price trades above 1.12641 with take profit at 1.13100.
Core PCE Price Index m/m (USD) 1:30 PM
Personal Spending m/m (USD) 1:30 PM
Comment: Economic data pointed to economic recovery in the U.S. Thursday, with another a slight drop in jobless claims and a substantial rise in durable goods orders. Friday offers spending data and Michigan sentiment number, which will be huge for the dollar as sentiments of COVID effect on the Euro is still intact.
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