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  |   Technicals


FxWirePro: Gold hits 9-year high on safe-haven demand, good to buy on dips

Ichimoku Analysis (Daily Chart)


Tenken-Sen- $1772


Kijun-Sen- $1733


Gold surged more than $20 yesterday and hits the highest level since Nov 2011. It is one of the best performers this year and rose more than 15% on Safe-haven demand. The total of coronavirus cases is nearing 3 million in the USA  and new cases yesterday jumped by 46329. The lockdown in Australian second-largest city Melbourne is supporting gold prices.


US Dollar Index – Slightly weak  (bullish for yellow metal)


S&P500- Bearish (positive for gold)


US Bond yield- Slightly weak (bullish 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 $1772 (Tenken-Sen), any indicative break beneath targets $1766 (23.6% fib)/$1753 (21- day MA)/$1747.


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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