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FxWirePro: Buy Gold on dips
Ichimoku Analysis (Hour chart)
Gold has lost more than $30 after a minor recovery till $1660 despite strong selling in the global stock market. US markets especially Dow Jones lost more than 1000 points, worst single-day fall in history. The virus has started to spread to all other countries with Nigeria reported the first case.
US 10-year is trading weak for past 4-week and hits historical low. The 2-year yield at 0.9980, the lowest level since 2016.
Technically, it is facing strong support at $1630 (200- H MA AND 200-H EMA) and any hourly close below targets $1600/$1577.
The immediate resistance is around $1660, an indicative break above will take the yellow metal till $1685/$1700.
It is good to buy on dips around $1630 with SL around $1620 for the TP of $1685/$1700.