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FxWirePro: Gold Daily Outlook
Ichimoku analysis (4-hour chart)
Gold is trading flat after hitting a low of $1800 level on Tuesday. US dollar index hits 11- week low after mixed economic data. US durable goods order beats estimates of 0.5% while jobless claims surged to 778K vs forecast of 732K. The flash Q3 GDP came at 33.1% in line with expectations. The Fed meeting minutes show that the central bank is to keep rates low to help the economy to grow from the COVID-19 crisis. Short term trend is still on the weaker side as long as resistance $1860 holds.
The intraday resistance to be watched is $1817, any violation above targets $1830/$1841/$1860.On the lower side, near term support is around $1796 (200- day MA) and any indicative break below that level will take till $1770/$1763.
It is good to sell on rallies around $1820-21 with SL around $1832 for the TP of $1765.