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FxWirePro: Gold Weekly Outlook

Ichimoku Analysis (Weekly Chart)

 

Tenken-Sen- $1744

 

Kijun-Sen- $1634

 

Gold is trading higher for the past five weeks and jumped more than $100 on safe-haven demand. US PPI declined unexpectedly to -0.2% compared to a forecast of 0.4%. The annual inflation falls by -0.8% much below the estimate of 0.2%. Globally total number cases crossed 13 million with deaths around 571112.

 

US Dollar Index – Bearish (positive for yellow metal)

 

S&P500- uptrend (negative for gold)

 

US Bond yield- Slightly bullish (bearish for gold)

 

Technical:

 

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.

 

Oscillator

RSI- 68 (Bearish divergence)

It is good to sell on rallies around $1815-17 with SL around $1830 for the TP at $1761.

 

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