FxWirePro: Gold Weekly Outlook

Ichimoku analysis (Weekly chart)

Tenken-Sen- $1911

Kijun-Sen- $1872

Gold is trading higher and jumped more than 50 dollars on a weak dollar. Democratic candidate Joe Biden was elected as 46th United States  President. Joe Biden won 290 seats Vs 214 by Republican Donald Trump. The dollar index has lost more than 200 pips from a minor top of 94.30. Any violation below 92 confirms the bearish continuation. The US 10-year yield is trading slightly higher and holding above the 0.80% level. 

Economic data:

The Non-farm payroll came at 638K in Oct compared to the forecast of 595K,the unemployment rate declined to 6.9% vs an estimated 7.7%. US Fed has kept its rates unchanged and said that outlook for the economy remains uncertain. The number of people who filed for unemployment benefits rose to 751K compared to a forecast of 740000.

Technical:

In the Weekly chart, Gold is facing strong support near Kijun-Sen at $1940. Any break below will take the pair till $1920/$1900. On the higher side, near term resistance is around $1960 and any indicative break above that level will take till $1975/$2000.

It is good to buy on dips around $1935-36 with SL around $1919 for the TP of $1975/$2000.