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FxWirePro: Buy Gold on dips

Ichimoku analysis (Hourly chart)

 

Tenken-Sen- $1916

 

Kijun-Sen- $1910

 

Gold is trading higher and holding well above $1900 on weak US dollar. The demand for safe-haven assets has decreased on hopes of fresh US stimulus package before elections. DXY decline sharply and hits one week low. The US 10-year yield rose to 0.823%, more than 15% in past one week as budget gap will widen further.

 

Technical:

In the hourly chart, Gold is trading well below 200- MA at $1915. Any indicative close above will take the pair till $1933/1950. On the lower side, near term intraday support is around $1880 and any violation above that level will take the pair till $1860/$1848.

 

It is good to buy on dips around $1895-96 with SL around $1880 for the TP of $1920/$1933.   

 

 

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