Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: Gold trades higher on dovish Fed, good to buy on dips

Ichimoku Analysis (4-hour Chart)

 

Tenken-Sen- $1724

 

Kijun-Sen- $1705

 

Gold has recovered sharply after the dovish Fed monetary policy. The central bank has kept its rates unchanged and most of the policymakers expect the same rates till the end of 2022.  US bond yield lost more than 25% from a high of 0.86% after the Fed policy statement. 

 

US Dollar Index – Bearish  (Positive for Gold)

 

S&P500- bearish (positive for gold)

 

US Bond yield- weak (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.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.