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FxWirePro: Gold downside capped by Tenken-Sen, good to buy on dips
Ichimoku Analysis (Daily Chart)
Gold is trading higher and shown a minor jump of more than $15 from yesterday's low of $1770. It is hovering near an 8-year high on surge in U.S coronavirus cases. The total number of cases in the world rose to 11 million with a number of deaths in the U.S crossed 130000. The demand for an increase in safe-haven is supporting the yellow metal at lower levels. DXY jumped more than 40 pips from low of 96.57, violation below 96.40 confirms further weakness.
US Dollar Index – Slightly weak (bullish for yellow metal)
S&P500- Bearish (positive for gold)
US Bond yield- Slightly weak (bullish for gold)
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 $1768 (Tenken-Sen), any indicative break beneath targets $1760 (23.6% fib)/$1752 (Trend line support)/$1747.
It is good to buy on dips at around $1757-58 with SL around $1746 for the TP at $1800/$1825.