Bearish Preference: Sell position is envisaged if price trades below 1.21257 with take profit at 1.20938
Bullish Preference: Buy position is envisaged if price trades above 1.21753 with take profit at 1.22131
No major economic data expected today
Comment: The Greenback rebounded from earlier losses on Monday after Treasury yields rose in the US. The hint that the Federal Reserve may taper its asset purchase by the end of the year coupled with the prospect of more fiscal stimulus drove Treasury yields higher. The pair is expected to trade narrowly in the absence of major economic data releases today.
Bullish Preference: Buy position is envisaged if price trades above 13968.90 with take profit at 13982.50
Bearish Preference: Sell position is envisaged if price trades below 13983.80 with take profit at 13933.80
No Major Fundamentals
Comments. Germany reported an increase in coronavirus cases even as most of Europe was under the strictest restrictions, worldwide coronavirus cases surpassed 90 million on Monday, according to a Reuters tally. Many European countries are battling a surge in COVID-19 cases following the emergence of a new highly transmissible strain of the virus, racing to vaccinate their elderly, the most vulnerable members of society.
Bullish Preference: Buy position is envisaged if price trades above 1862.70 with take profit at 1871.42
Bearish Preference: Sell position is envisaged if price trades below 1856.40 with take profit at 1847.60
No Major Fundamentals
Comments. Gold was down early hours on Tuesday morning, declining slightly as a firmer dollar and high Treasury yields outweighed U.S. political uncertainty and rising numbers of COVID-19 cases globally. Benchmark Treasury yields continued at 10-month highs as investor prepares for higher government spending under the incoming Joe Biden administration. The expectations drove the dollar which usually moves inversely to gold, up on Tuesday.
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