Analyst
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 27830 with take profit at 27905
Alternative scenario: Sell position is envisaged if price trades below 27710 with take profit at 27608
None with direct impact on the index.
Comment: The bullish run on the index was restrained on Thursday's after investors digested the economic outlook of the Federal Reserve. The index fell further after data showed that 860,000 individuals filled for jobless insurance last week reflecting very high unemployment levels. The index is envisaged to recover some lost ground in the session today.
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1955.00 with take profit at 1958.60.
Alternative scenario: Sell position is envisaged if price trades below 1949.00 with take profit at 1945.00.
No major economic data with direct bearing to this commodity.
Comment: Gold traded higher earlier Friday morning because of disappointing U.S employment data and a weaker dollar. The handing down policy approach of the central bank also supported the yellow metal. Given the rise in COVID 19 cases, it is envisaged that Gold will keep surging to the upside.
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