Analyst
Bullish Preference: Buy position is envisaged if price trades above 1.19385 with take profit at 1.19516.
Bearish Preference: Sell position is envisaged if price trades below 1.19065 with take profit at 1.18895.
Eurogroup Meetings (EUR) All-day
Comment: On Friday, the EU reported that Euro Area Industrial Production increased by 0.8% month-over-month compared to analyst consensus, which called for growth of 0.2%. The reports were stronger than expected but failed to provide support to Euro as Investors focused on rising Treasury yields. The yields of U.S. government bonds continue to move higher at the beginning of the week as traders expect higher inflation after the new round of economic stimulus in the U.S. If Treasury yields get to new highs, the U.S. dollar will get additional support.
Bearish Preference: Sell position is envisaged if price trades below 1719.50 with take profit at 1714.57.
Bullish Preference: Buy position is envisaged if price trades above 1729.42 with take profit at 1736.00.
No major fundamentals
Comment: Gold prices erased early gains on Monday as hopes of a faster economic recovery for the U.S got a boost. A surge in U.S. Treasury yields kept bullion under pressure. GOLD bounced off really oversold levels, so we got some people just trying to buy the dip a little and take advantage of that. But the short-term fluctuations are aligned with the U.S. dollar.
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