FxWirePro: Gold Daily Outlook

Ichimoku analysis (Hourly chart)

Tenken-Sen- $1912

Kijun-Sen- $1917

Gold has lost more than $50 from a minor top of $1960 from the strong US dollar.  US dollar index recovered sharply after hitting a multi-month low of 89.20. The US 10-year yield surged past 1% levels. highest since Mar 2020 on more stimulus hopes. The yellow metal hits an intraday low of $1906 and is currently trading around $1910.73.

Economic data:

The US ISM services index came at 57.2 in Dec compared to 54.50. the number of people who have applied for jobless benefits declined to 787K in the final week of Dec vs an estimate of 797K.

Technical:

 It is facing strong resistance at $1960, surge beyond targets $1975/$2000.On the lower side, near term support is around $1900-07 (200 H MA), any indicative break below that level will take till $1888/$1855.

It is good to buy on dips at around $1900 with SL around $1885 for the TP of $1960.