Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: Gold Daily Outlook

Ichimoku analysis (4 Hourly chart)

Tenken-Sen- $1838

Kijun-Sen- $1823

Gold is trading higher on a weak US dollar. The yellow metal's short term trend is neutral as long as resistance $1868 holds.  The chance of more stimulus has increased after Janet Yellen said the US must 'act big'.  The US 10-year yield has lost more than 3% after Janet Yellen confirmed that tax cuts implemented in 2017 will be revoked. US dollar index's significant bullishness only if it breaks 91 levels. 


Technical:
 The yellow metal facing strong support at $1838, violation below targets $1830/$1823/$1818 (61.8% fib)/$1800.

Significant trend reversal only below $1800.On the higher side, near term resistance is around $1856, any indicative break above that level will take till $1867/$1874/$1880.

It is good to buy on dips around $18 with SL around $1800 for the TP of $1880.
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.