|   Technicals


  |   Technicals


FxWirePro: Gold Weekly Outlook

Ichimoku Analysis (Daily Chart)


Tenken-Sen- $1768


Kijun-Sen- $1729


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.



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