Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1947.30 with take profit at 1937.30
Alternative scenario: Buy position is envisaged if price trades above 1969.00 with take profit at 1979.00
Fed Chair Powell Testifies 3 pm USD
Treasury Sec Mnuchin Speaks 3 pm USD
Comment: Gold fell two a new low since the last two months and this is because of the massive gains in the US dollar. The dollar gained massive strength because investors were seeking a more stable haven which the dollar provides.
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 26500 with take profit at 26200
Alternative scenario: Buy position is envisaged if price trades above key level at 26650 with take profit at 26800
Fed Chair Powell Testifies 3pm USD
Treasury Sec Mnuchin Speaks 3pm USD
Comment: The dollar gained massive strength this week stemming from investors need to bank on a more stable safe haven, coupled with the fact that investors are still not optimistic on a full economy recovery from covid 19 given that most European countries are at risk of a second wave; US30 and other indices felt this grunt which has prompted them to trade bearish the past few days. It is envisaged that this move will continue for the most of this week.
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