Gold is trading at $1863.62, 0.07% up since previous day close. The safe haven instruments like Gold & YEN strengthened against the soft USD & tepid equity markets. However, the slight profit-booking phase can be seen in Gold after rallying to higher levels of $1870 last week amid global cues. Though, the bullish momentum may remain intact on long term basis. The recovery at global level from Covid-19 phase & the resuming manufacturing & industrial activities at full capacity remains widely supportive for commodities. Buying on corrective dips may be recommended in Gold since the commodity crossed major resistance level of $1830 levels & is also trading above the MA (10) level.

AUS200 is trading at 7462, 0.03% down since previous day close. The Asian shares slightly tumbled down amid soft global sentiments over rising inflation rate & slowing growth rate in few countries. The Australian Wage Price Index increased by 0.6% against the expectation 0.4% which turned out to be positive for AUS200. Last week, the uncertain U.S interest rate decision & tapering down steps remained crucial for major indices. The result of PI figures will remain in to focus for the next week. As seen in the chart, the index formed lower tops as compared to previous level & hence, there can be chance of range bound momentum or bearishness. However, the AUS200 is trading near MA (10) & MA (20) & hence, the cautious trading may be recommended for the day.

USD/CAD is trading at 1.26092, 0.18% down since previous day close. Unlike other currencies, the Canadian Dollar softened amid sharp fall in Oil Prices as China, Japan & US are considering releasing their Oil levels from SPRs; since CAD & Oil are directly correlated. On data front, the CPI rate grew by 0.7% from 0.2% in the preceding month which slightly pushed up the USD/CAD. The country’s Housing Starts dropped to 237K from 250K in the previous month which again softened USD/CAD. Uncertain Fed’s interest rate decision remains vital for currencies. As seen in the chart, the pair formed double support at previous lows & almost reversed upside. Slight selling may be suggested in CAD against the USD for the day.