FxWirePro: Norwegian Krone rallies as crude oil rises on bigger-than-expected drop in U.S. crude stocks
FxWirePro: Gold Daily outlook
Ichimoku Analysis (Daily Chart)
Gold has recovered sharply from a low of $1790 on weak dollar and lockdown concerns. The number of cases new cases rose sharply in the U.S and California has started a temporary shutdown of bars and restaurants. Globally total number cases reached 13.45 million, with deaths around 581221.
US Dollar Index – Bearish (positive for yellow metal)
S&P500- bullish (negative for gold)
US Bond yield- sideways (neutral for gold)
The yellow metal's near term resistance is around $1820, the violation above confirms bullish continuation. A jump till $1845/$1860 (161.8% fib) likely
The immediate support is around $1785 (23.6% fib), any indicative break beneath targets $1763/$1747.
It is good to sell on rallies around $1804-05 with SL around $1820 for the TP at $1761.