Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 26882 with take profit at 26700
Alternative scenario: Buy position is envisaged if price trades above 27075 with take profit at 27196
Fed Chair Powell Testifies (US) 3:30 PM
Comment: DJIA fell on Monday as a rising number of COVID19 infections fuelled fears of another round of economic restrictions. The heated political climate in the US ahead of the November general elections is another concern on the index. The index is envisaged to trade lower ahead of the testimony of the Federal Reserve Chairman, Jerome Powell, on the CARES Act before the House Financial Services Committee later today.
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1896.98 with take profit at 1880.93
Alternative scenario: Buy position is envisaged if price trades above 1923.74 with take profit at 1936.05
Fed Chair Powell Testifies (USD) 3:30 PM
Comment: During the Asian session, a stronger US dollar cracked gold’s appeal, with the dollar index holding onto its overnight gains against its rivals. Although Gold was underpinned by worries about fresh lockdowns in Europe which has reported another surge in virus cases, Investors now turn to speeches by various Fed committee members, including Chairman Jerome Powell, who is scheduled to appear before Congressional committees.
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Kobi
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Adefuwa Ayodele