Analyst
Bullish Position: Buy position is envisaged if price trades above 1917.00 with take profit 1923.00
Bearish Position: Sell position is envisaged if price trades below 1913.00 with take profit at 1900.00
No major economic data with direct bearing to this commodity
Comment: Gold had a similar move to the EURUSD pair, it thrives whenever the dollar is weak and given the fact that the stimulus care package weakens the value of the dollar (more money in the hands of citizens caused by oversupply of the dollar), any positive update on the stimulus talks weakens gold, and any negative update on the stimulus strengthens the commodity. Late last night, it was recorded that trump accused the democrats of being unwilling to come to an agreement , this in turn weakened Gold. However, we could also see this move as a pullback for better buy entries on the commodity, seeing that investors are much more confident investing their money in Gold.
Bullish Preference: Buy position is envisaged if price trades above 1.18608 with take profit at 1.18780
Bearish Preference: Sell position is envisaged if price trades below 1.18380 with take profit at 1.18192
No major economic data with direct bearing on this pair.
Comments: EURUSD traded bearish in the early hours of the morning to ease off bullish pressure. This was after the pair broke above a resistance at 1.18400 price level. Today, the pair retested this price level it broker, took it as a support zone and bounced up to continue it's bullish move. Fundamentally, Investors are still hopeful for a positive stimulus talks before the election, which is why we see it trading back up today. Hence, it is envisaged for traders to look for better buy entries on this pair.
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