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Ichimoku Analysis (Daily Chart)
Tenken-Sen- $1708
Kijun-Sen- $1718
Gold hs once again declined from a high of $1745 on a strong US dollar. The increased chance of the second wave of coronavirus, especially in the US and China has supported the dollar index at lower levels. Chinese industrial production came at 4.4% YoY in May vs 3.9% in Apr but missed expectations of 5% YoY. Retail sales shrank to -2.8% YoY compared to forecast -2.0%.
US Dollar Index – Bullish (Positive for Gold)
S&P500- bearish (positive for gold)
US Bond yield- weak (mildly positive for gold)
Technical:
The yellow metal is facing strong resistance at $1745, any violation above will take the yellow metal till $1765. Significant trend continuation can be seen only if it surges past $1765, a jump till $1800 likely
The immediate support is around $1721, any indicative break beneath targets $1713/$1708/$1700.
It is good to buy on dips around $1720-21 SL around $1700 for the TP at $1765.
