Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: Gold Daily Outlook

Ichimoku Analysis (Daily chart)

 

Tenken-Sen- $1729

 

Kijun-Sen- $1718

 

Gold has once again gained above $1700 due to unrest in Hong Kong has increased demand for Safe-haven. China proposed national security law in Hong Kong, which will destroy freedom enjoyed by them. The yellow metal hits low of $1694 and shown a recovery till $1715. But a strong global stock market due to hopes of the COVID-19 vaccine might cap upside. It is currently trading around $1715.

 

US Dollar Index – Bearish (positive for Gold)

 

S&P500- Bullish (Negative for gold)

 

US Bond yield- slightly bullish (negative for gold)

 

Technicals:

 

The yellow metal took support near 23.6% fib and broken resistance $1716 (21- day MA). The near-term support is around $1690 and violation below will drag it down till $11680/$1671.

 

The immediate resistance is around $1726, any indicative break beyond targets $1740/$1755/$1765. Significant trend continuation can be seen only if it surges past $1765, a jump till $1800 likely.

 

It is good to buy on dips around $1702-04 SL around $1690 for the TP at $1740.

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.