Bearish Preference: Sell position is envisaged if price trades below 1.21301 with take profit at 1.20982
Bullish Preference: Buy position is envisaged if price trades above 1.21549 with take profit at 1.21959
Fed Chair Powell Speaks (US) 6:30 PM
Comment: The 1.21395 region continues to hold forth on the pair as strong support, pausing the bearish stance on the back of a stronger dollar. The dollar benefited from the higher yield and expectations of fiscal stimulus from the incoming administration of Joe Biden. The pair is waiting for fresh insight from the speech by the Chairman of the Federal Reserve, Jerome Powell, later today.
Bullish Preference: Buy position is envisaged if price trades above 31157 with take profit at 31170
Bearish Preference: Sell position is envisaged if price trades below the 30825 with take profit at 30810
Import m/m (USD) 2:30 PM
Unemployment Claims (USD) 2:30 PM
Fed Chair Powell Speaks (US) 6:30 PM
Comment: Equities remain supported by the prospect of more financial aid for the economy from the incoming administration of President-elect Joe Biden and assurances by Federal Reserve officials of ongoing support for the central bank’s bond-buying program. At the closing bell of the last senate meeting, the House of Representative looked likely to vote in favour of impeaching Trump for a second time and to charge him with inciting an insurrection following the riotous invasion of the Capitol last week, with several Republicans breaking ranks and supporting impeachment.
Bullish Preference: Buy is envisaged if price trades above 1847.77 with take profit at 1862.62
Bearish Preference: Sell is envisaged if price trades below 1827.27 with take profit at 1800.00
Fed Chair Powell Speaks USD 6:30 PM
Comments: Gold has been trading and ranging around the verified support zone and the previous bearish sell was after the sudden strength the dollar saw when news came that treasury yields had become positive; however, this news became irrelevant as the US economy itself is not fully balanced. We have the rising cases in COVID, coupled with the political tensions coming from the impeachment and the low-interest rate in the U.S; all this still makes GOLD seem like a potential route to invest in. Hence, Gold may eventually bounce off this support region.
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