FxWirePro: Gold hits fresh all-time high, good to buy on dips
Ichimoku Analysis (Daily Chart)
Gold is trading higher and broken major psychological resistance $2000 yesterday. The decline in US real treasury yield and weak US economic data is supporting the yellow metal at lower levels. The US 10-year inflation-adjusted yield is at -1.05% vs -0.97% on Jul 30th. Gold and US real yields are inversely proportional and this confirms that gold to trade further higher in the coming months.
US Dollar Index – Bearish (positive for yellow metal)
S&P500- Positive (negative for gold)
US Bond yield- weak (positive for gold)
The yellow metal hits all-time high at $2031 and shown a minor profit booking. It is currently trading around $2024.
The immediate support is around $2002 (23.6% fib), any indicative break below targets $1983/$1960.
It is good to buy on dips around $2000 with SL around $1980 for the TP of $2049.