FxWirePro: CAD/JPY’s Interim Bulls Seem Deceptive, Major Downtrend Still Imminent On Head & Shoulder Pattern – Trade & Hedging Setup
FxWirePro: Gold trades slightly lower on Corona vaccine hopes, good to buy on dips
Ichimoku Analysis (4 Hour chart)
Gold gained nearly $15 from yesterday's low of $1721 on short covering. S&P500 futures jumped after US Company Novavax has started its trial in cities of Melbourne and Brisbane. But uncertainty due to US-China dollar trade tension and economic recession is supporting yellow metal at lower levels.
US Dollar Index – Slightly bearish (positive for Gold)
S&P500- Bullish (Negative for gold)
US Bond yield- slightly bearish (positive for gold)
The yellow metal has taken support near 100- day MA and shown a minor jump till $1740.54. On the flip side, the near term significant support is around $1718 and any breach below will drag the gold down till $1709/$1700/$1690.
The immediate resistance is around $1740, any indicative break beyond targets $17. Significant trend continuation can be seen only if it surges past $1765, a jump till $1800 likely.
It is good to buy on dips at around $1718-20 SL around $1700 for the TP at $1799.