FxWirePro- Gold Daily Outlook
Ichimoku analysis (Daily chart)
Gold surged sharply more than $35 on dovish comments from Fed members. The Fed New York President William said that central bank monetary policy should be a strong support to ensure recovery. The better-than-expected US economic data is preventing the yellow metal from further upside. The minor sell-off in US bond yields is supporting the yellow metal. The short-term trend is still bullish as the long support of $1769 holds. DXY lost more than 50 pips from a minor top around 91.43. Any violation below 90.80 confirms intraday bearishness. The yellow metal hits a high of $1822 and is currently trading around $1820.
The number of people who have filed for jobless benefits has fallen to 498000 last week compared to a forecast of 540K. Markets eye US Nonfarm payroll data for further direction.
It is facing strong support at $1790, violation below targets $1770/$1760. Significant trend continuation only below $1675. On the higher side, near-term resistance is around $1825, any indicative break above that level will take till $1835/$1850.
It is good to buy on dips around $1802-03 with SL around $1790 for the TP of $1848.