FxWirePro: Gold Daily Outlook

Ichimoku Analysis (Daily chart)

Tenken-Sen- $1717.25

Kijun-Sen- $1718.07

Gold showed minor recovery of more than $15 from yesterday's low of $1689.58 on renewed US-China trade tensions.US President Trump ordered to halt Chinese airlines from operating passenger flights to the U.S. The demand for Safe-haven assets slightly increased on a trade war. DXY jumped after a minor dip below 97.25 (100-W MA) and major weakness only if it closes below 97.25.

US ISM services index has ticked higher to 45.40 in May from 41.8 previous months. The US economy has lost 2.76 million private jobs in May compared to a forecast of -9 million.

US Dollar Index – Bearish (positive for Gold)

S&P500- Bullish (negative for gold)

US Bond yield- strong (negative for gold)

Technicals:

The yellow metal has taken support near 23.6% fib and shown a nice recovery. Any violation below $1690 will drag the yellow metal down till $1670/$1660 likely.

The immediate resistance is around $1745, any indicative break beyond targets $1755/$1765. Significant trend continuation can be seen only if it surges past $1765, a jump till $1800 likely.

It is good to sell on rallies around $1715-16 SL around $1726 for the TP at $1660.