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  |   Technicals


FxWirePro: Gold Daily outlook

Ichimoku Analysis (Daily Chart)


Tenken-Sen- $1787


Kijun-Sen- $1755


Gold has recovered sharply from a low of $1790 on weak dollar and lockdown concerns. The number of cases new cases rose sharply in the U.S and California has started a temporary shutdown of bars and restaurants. Globally total number cases reached 13.45 million, with deaths around 581221.


US Dollar Index – Bearish (positive for yellow metal)


S&P500- bullish (negative for gold)


US Bond yield- sideways (neutral for gold)




The yellow metal's near term resistance is around $1820, the violation above confirms bullish continuation. A jump till $1845/$1860 (161.8% fib) likely


The immediate support is around $1785 (23.6% fib), any indicative break beneath targets $1763/$1747.


It is good to sell on rallies around $1804-05 with SL around $1820 for the TP at $1761.


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