FxWirePro: Gold Daily Outlook

Ichimoku analysis (Daily chart)

Tenken-Sen- $1863

Kijun-Sen- $1835.90

Gold gained more than 40 dollars after taking support near 50 –H MA on weak global cues.  European countries have started to ban flights coming from the UK on the new stain of coronavirus. The spread of the new virus has increased the demand for safe-haven assets like gold. DXY upside capped by 21- day MA, any violation above 91.50 confirms further bullishness. The US 10-year yield lost more than 2% from an intermediate top 0.946%. 

Economic data:

Markets eye US Final GDP QoQ and Conference board consumer confidence for further directions.

Technical:

 It is facing strong resistance at $1906, minor bullishness only above that level. Surge beyond targets $1925/$1938/$1950.On the lower side, near term support is around $1855, any indicative break below that level will take till $1822/$1800.

It is good to buy on dips around $1870-72 with SL around $1855 for the TP of $1925/$1950.