Ichimoku Analysis (4-hour chart) Tenken-Sen- 0.91113 Kijun-Sen- 0.91420 USDCHF recovered more than 100 pips from a low of 0.9050. The break of minor support turned into resistance 0.9160 shows that decline form 0.9900 got completed at 0.9050 an
FxWirePro: Gold Weekly Outlook
Ichimoku Analysis (Daily Chart)
Gold lost more than $40 after hitting a 7-year high $1789 on the positive U.S economic data. US dollar index gained strength after upbeat US jobs data. The U.S economy has added 4.8 million jobs in June compared to a forecast of 3.3 million, the unemployment rate declined to 11.1% from 12.4%. DXY declined below 98 levels and violation below 97.80 confirms further weakness.
US Dollar Index – Slightly weak (bullish for yellow metal)
S&P500- bullish (Negative for gold)
US Bond yield- Slightly positive (bearish for gold)
The yellow metal is facing significant resistance at $1800, any violation above confirms bullish continuation. A jump till $1825/$1850 likely
The immediate support is around $1760 (23.6% fib), any indicative break beneath targets $1746 (Trend line support)/$1726 (55- day EMA).
It is good to buy on dips at around $1757-58 with SL around $1746 for the TP at $1800/$1825.