FxWirePro- Gold Daily Outlook
Ichimoku analysis (4-Hours chart)
Gold is trading flat for the past week between $1761.94 and $1794. The buying interest in yellow metal limited as risk appetite increased on easing Coronavirus concerns. The minor sell-off in the US dollar index is preventing gold from further weakness. DXY is trading below 96 levels. Any breach below 95.80 confirms intraday weakness. The yellow metal hits an intraday high of $1786.19 and is currently trading around $1785.60.
Factors to watch for gold price action-
Global stock market- Bullish (Negative for gold)
US dollar index –Bearish (negative for gold)
US10-year bond yield- Bullish (negative for gold)
It faces strong support at $1772, violation below targets $1760/$1740/$1700.Significant trend continuation only below $1675. The yellow metal facing strong resistance $1792, any violation above will take to the next level $1800/$1815/$1835/$1860/$1900 is possible.
It is good to sell on rallies around $1800-01 with SL around $1815 for TP of $1762/$1740.