Ichimoku Analysis (Daily Chart)
Tenken-Sen- $1969
Kijun-Sen- $1933
Gold recovered sharply from a low of $1929 on a weak US dollar. The trade tension between the US and China and Buffet buying a big stake in Barrick Gold is supporting the yellow metal. Markets eye US Fed meeting minutes for further direction. The US 10-year yield declined below 0.70% after hitting 8- week high. The real yield is at -0.97% from -0.94%.
US Dollar Index – Bearish (positive for yellow metal)
S&P500- Positive (negative for gold)
US Bond yield- slightly negative (positive for gold)
Technical:
The yellow metal surged more than $100 from the minor bottom and hits a high of $1995. It is currently trading around $1992.
The immediate support is around $1963, any indicative break below targets $1950/$1943/$1929. The near term resistance is at $2000, the violation above will take the commodity to next level $2015/$2075.
It is good to buy on dips around $1978-79 with SL $1960 for the TP of $2074.


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