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  |   Technicals


FxWirePro: Gold hits fresh all-time high, good to buy on dips

Ichimoku Analysis (Daily Chart)


Tenken-Sen- $1941.90


Kijun-Sen- $1888.57

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.


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