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FxWirePro: Gold Weekly Outlook

Ichimoku Analysis (Daily Chart)

 

Tenken-Sen- $1768

 

Kijun-Sen- $1729

 

Gold lost more than $40 after hitting a 7-year high $1789 on the positive U.S economic data. US dollar index gained strength after upbeat US jobs data. The U.S economy has added 4.8 million jobs in June compared to a forecast of 3.3 million, the unemployment rate declined to 11.1% from 12.4%. DXY declined below 98 levels and violation below 97.80 confirms further weakness.

 

US Dollar Index – Slightly weak  (bullish for yellow metal)

 

S&P500- bullish (Negative for gold)

 

US Bond yield- Slightly positive (bearish for gold)

 

Technical:

 

The yellow metal is facing significant resistance at $1800, any violation above confirms bullish continuation. A jump till $1825/$1850 likely

 

The immediate support is around $1760 (23.6% fib), any indicative break beneath targets $1746 (Trend line support)/$1726 (55- day EMA).

 

It is good to buy on dips at around $1757-58 with SL around $1746 for the TP at $1800/$1825.

 

 

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