FxWirePro: Buy Gold on dips

Ichimoku Analysis (Hour chart)

Tenken-Sen- $1644

Kijun-Sen- $1657.20

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.