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Ichimoku Analysis (Daily Chart)
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.