FxWirePro: Gold Weekly Outlook

Ichimoku Analysis (4-hour Chart)

Tenken-Sen- $1872.86

Kijun-Sen- $1852.16

Gold continues to trade higher and hits an all-time high on weak US dollar and safe-haven demand. The historic EU deal and stimulus package by the Fed for Coronavirus is supporting the yellow metal.   The weak jobless data and flash manufacturing PMI are putting pressure on the US dollar index. The total number of cases in the USA crossed 4.25 million and deaths nearing 1.5 million. Markets eye US durable goods orders for further direction.

US Dollar Index – bearish (positive for yellow metal)

S&P500- bullish (positive for gold)

US Bond yield- sideways (neutral for gold)

Technical:

The yellow metal is trading higher and jumped more than $100 in the previous week. It hits fresh all-time high after breaking the $1921 level. The near term resistance is around $1950, the violation above will take the pair to the next level till $2000.

The immediate support is around $1911 (Tenken-Sen), any indicative break beneath targets $1879 (23.6% fib)/$1863/$1845.

It is good to buy on dips at around $1900 with SL around $1860 for the TP at $1980.