Analyst
Bearish Preference: Sell position is envisaged if price trades below 1.20089 with take profit at 1.19905
Bullish Preference: Buy position is envisaged if price trades above 1.20233 with take profit at 1.20335
No major economic data
Comment: The EUR/USD pair kicked off the new week on a positive note, albeit struggled to capitalize on the move and faced rejection near the 1.2100 mark. The US dollar was back in demand amid a modest rebound in the US Treasury bond yields, which was a key factor exerting pressure on the major. The US bond market has been reacting to expectations that a massive US fiscal stimulus, along with the impressive pace of COVID-19 vaccinations, would lead to a relatively faster US economic recovery.
Instrument: GOLD
Bearish Preference: Sell position is envisaged if price trades below 1703.97 with take profit at 1696.45.
Bullish Preference: Buy position is envisaged if price trades above 1727.25 with take profit at 1738.90.
No major economic data
Comment: Gold was down on Tuesday morning in Asia, even with a retreat in U.S. Treasury yields and progress on a massive stimulus package in the U.S. cheered investor sentiment. The dollar which normally moves inversely to the yellow metal was up on Tuesday. Investors now turn to Fed Chairman Jerome Powell, who will speak at a Wall Street Journal event on Thursday where he is expected to discuss the economy and implementation of the newly approved $1.9 trillion stimulus package.
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