Morning Insights 3rd March

Simon Alagbe

Analyst


Instrument: GOLD

Technical Analysis

Bearish Preference: Sell position is envisaged if price trades below 1728.95 with take profit at 1720.14.

Bullish Preference: Buy position is envisaged if price trades above 1741.54 with take profit at 1750.36.

Fundamentals:    

 ADP Non-Farm Employment Change (USD) 2:15pm   

Comment: Gold inched down on Wednesday morning in Asia, with U.S. Treasury yields continued their fall and put pressure on the yellow metal. Investors are also tracking the progress of a $1.9 trillion U.S. stimulus package. Proposed by President Joe Biden earlier in the year, the House of Representatives passed the bill during the previous week and is due to be debated by the Senate within the week.



Instrument: US30

Technical Analysis

Bearish Preference: Sell position is envisaged if price trades below 31273 with take profit at 31159

Bullish Preference: Buy position is envisaged if price trades above 31649 with take profit at 31776

Fundamentals:

 ADP Non-Farm Employment Change (USD) 2:15pm   

Comment: After a strong start to March, stocks and index ETFs slipped on Tuesday, as tech stocks dragged down the market. The Dow Jones Industrial Average lost 100 points earlier in the session but has since rebounded to tread water around breakeven.

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