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Ichimoku Analysis (Daily chart)
Tenken-Sen- $1724.50
Kijun-Sen- $1713.30
Gold recovered more than $25 after hitting a low of $1726.62. The weak US dollar and fear of the second round of coronavirus is supporting the yellow metal at lower levels. It hits an intraday high of $1751 and is currently trading around $1749.90.
US Dollar Index – Bearish (Positive for Gold)
S&P500- Strong (negative for gold)
US Bond yield- slightly bearish (positive for gold)
Technicals:
The yellow metal took support near 7-day EMA and jumped sharply from that level. The overall trend is still bullish as long as $1700 holds. On the flip side, the near term significant support is around $1725 and any breach below will drag the gold down till $1710/$1690/$1678/$1660.
The immediate resistance is around $1747, any indicative break beyond targets $1764. Significant trend continuation can be seen only if it surges past $1765, a jump till $1800 likely.
It is good to buy on dips at around $1735-36 SL around $1725 for the TP of $1799.
