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FxWirePro: Gold Daily Outlook
Ichimoku Analysis (Daily Chart)
Gold recovered sharply from low of $1862 on a weak US dollar. US Treasury Secretary Steven Mnuchin said that the White House and Democrats failed to reach an agreement. The US 10-year yield retreats from 5-week high as US stimulus deal hope fade. US Consumer prices rose 0.6% month-on-month compared to a forecast of 0.3%. The US 10-yield recovered more than 30% in the past four days and real yield is at -0.98% from -1.08%.
US Dollar Index – Bearish (negative for yellow metal)
S&P500- Positive (negative for gold)
US Bond yield- negative (positive for gold)
The yellow metal is trading slightly higher and hits a high of $1950. It is currently trading around $1930.
The immediate support is around $1860, any indicative break below targets $1846/$1825/$1800. The near term resistance is at $1950, the violation above will take the commodity to next level $1968/$2000.
It is good to sell on rallies around $1952-53 with SL $1970 for the TP of $1800.