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Ichimoku Analysis (Daily chart)
Tenken-Sen- $1728.69
Kijun-Sen- $1713.30
Gold has shown minor dip till $1737 from high of $1754 made yesterday. The global stock market recovered sharply after positive developments in the COVID vaccine. Fed Meeting minutes showed that officials are worried about economic uncertainty due to coronavirus. The world economic recession fears and increase the number of cases due to corona will support the yellow metal at lower levels. It is currently trading around $1742.45.
US Dollar Index – Bearish (Positive for Gold)
S&P500- Strong (negative for gold)
US Bond yield- slightly bearish (positive for gold)
Technicals:
The yellow metal is holding well above $1700, minor weakness can be be seen only below that level. On the flip side, the near term significant support is around $1725 and any breach below will drag the gold down till $1710/$1690/$1678/$1660.
The immediate resistance is around $1747, any indicative break beyond targets $1764. Significant trend continuation can be seen only if it surges past $1765, a jump till $1800 likely.
It is good to buy on dips at around $1735-36 SL around $1725 for the TP of $1799.
