Analyst
Bullish Preference: Buy position is envisaged if price trades above 1891.43 with take profit at 1895.38.
Bearish Preference: Sell position is envisaged if price trades below 1876.39 with take profit at 1872.23.
No major economic data with bearing on the commodity
Comment: Global markets were quite choppy this past week. This could follow signs of deteriorating risk appetite judging by the recent performance of highly speculative assets. Gold prices moved higher for a third consecutive week as the yellow metal continued to attract institutional and retail traders’ attention. The bullish price action comes amid a painful drop in Bitcoin, with the cryptocurrency sinking over 20% as of Friday afternoon.
Bullish Preference: Buy position is envisaged if price trades above 1.21986 with take profit at 1.22088.
Bearish Preference: Sell position is envisaged if price trades below 1.21862 with take profit at 1.21758.
French and German Bank Holiday (EUR) All-Day
Comment: The Euro has a mostly positive turn through the middle of May, even if the headline stats don’t appear so. Even though four EUR-crosses gained and three EUR-crosses fell, the bias was towards the upside: the average loss was -0.10%, while the average gain was +0.81%. If anything, it appears that the Euro is consolidating after a strong run higher against the safe-havens, While volatility in global equity markets is giving traders a reason to take their foot off the pedal when it comes to the commodity currencies. We may expect a more bearish run due to bank holiday in the EUR zone.
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