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  |   Technicals


FxWirePro: Gold Daily outlook

Ichimoku Analysis (Daily Chart)


Tenken-Sen- $1913


Kijun-Sen- $1872


Gold is trading flat after hitting an all-time high of $1986. The upbeat US ISM manufacturing has pushed the U.S dollar index slightly higher to 93.99. The US ISM manufacturing index came at 54.2% in Jul compared to a forecast of 53.6. The US real yield on US treasuries hits record low -1.02% from 0.08% in Jan. Gold and US real yields are inversely proportional and this confirms that yellow metal to cross $200 level soon. 

US Dollar Index – Bearish (positive for yellow metal)


S&P500- Positive (negative for gold)


US Bond yield- weak (positive for gold)




The yellow metal lost more than $20 from high and any violation below $1960 confirms further bearishness. A decline till $1940/$1907 is possible.

The immediate resistance is around $2000, any indicative break beyond targets $2025/$2050.


It is good to buy on dips around $1920-25 with SL around $1900 for the TP of $1995.

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