Analyst
Bearish Preference: Sell position is envisaged if price trades below price 1725.82 with take profit at 1721.64
Bullish Preference: Buy position is envisaged if price trades above 1733.10 with take profit at 1737.42.
Fed Chair Powell Speaks (USD) 2 PM
Comment: Gold prices slipped on Monday as investors opted for alternative safe-haven assets such as the U.S. dollar and bonds after Turkey's abrupt decision to replace its central bank head with a critic of high-interest rates sparked financial uncertainty. Fed Chairman Jerome Powell reiterated in a Wall Street Journal editorial that the Fed will continue to help the economy “for as long as it takes” with the recovery currently far from complete. He added the U.S. would pull out of the COVID-19 crisis “stronger and better, as we have done so often before.
Instrument: EURUSD
Bearish Preference: Sell position is envisaged if price trades below price 1.18697 with a take profit at 1.18540
Bearish Preference: Buy position is envisaged if price trades above 1.19154 with a take profit at 1.19297.
Fed Chair Powell Speaks (USD) 2 PM
Comment: A modest pullback in the US Treasury bond yields from over a one-year high of 1.754% touched in the previous session exerted some pressure on the US dollar. This assisted the GBP/USD pair to stall the overnight rejection slide from the key 1.4000 psychological marks and regain traction on the last trading day of the week. Meanwhile, the calmer tone in the fixed income market provided a modest lift to the global risk sentiment, which was another factor that dented the greenback's relative safe-haven status. That said, the optimistic US economic outlook should help limit the USD pullback and cap any meaningful upside for the GBP/USD pair.
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