Analyst
Bearish Preference: Sell position is envisaged if price trades below 1.22538 with take profit at 1.22303
Bullish Preference: Buy position is envisaged if price trades above 1.22818 with take profit at 1.22992
ISM Manufacturing PMI (USD) 4 PM
Comment: The run-off elections in Georgia today, will determine who will control the Senate and could influence the economic policies of the incoming President and the strength of the Greenback. The pair was rejected at the 1.23 price region yesterday with a retest on the card today.
Bullish Preference: Buy position is envisaged if price trades above 1945.50 with take profit at 1961.40.
Bearish Preference: Sell position is envisaged if price trades below 1935.89 with take profit at 1924.37.
ISM Manufacturing PMI (USD) 4 PM
Comment: Gold went slightly down on Tuesday morning, with investors eagerly awaiting the results of a runoff election in the U.S state of Georgia that will show the likelihood of further U.S. stimulus measures. In other news, the number of global COVID-19 cases continues to rise, with U.K. Prime Minister Boris Johnson on Monday ordering a new national lockdown in his country has also seen investors turn to the safe-haven asset.
Bullish Preference: Buy position is envisaged if price trades above 13707.25 with take profit at 13717.50.
Bearish Preference: Sell position is envisaged if price trades below 13642.15 with take profit at 13623.10.
No Major Fundamentals
Comment: Germany stocks were mixed after the close on Monday, the first trading day of the new year, as gains in the Retail, Utilities and Pharmaceuticals & Healthcare sectors led shares higher while losses in the Insurance, Software and Media sectors led shares lower. Despite the optimism over vaccines, investors still sound cautious over the path of the virus, which continues to spread amidst the discovery of a new strain. "The virus retains the upper hand for a while longer," said Karl Steiner, chief quantitative strategist at SEB, noting that vaccinations have had an uneven start, characterised by vaccine shortages, vaccine resistance and delays.
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