FxWirePro: Sell Gold on rallies
Ichimoku Analysis (4-hour Chart)
Gold has once again below $1800 after hitting a high of $1813 on COVID-19 treatment optimism. Russia has said that Coronavirus will be launched by next month and trial shows that it is safe. Globally total number cases crossed 13 million with deaths around 575601.
US Dollar Index – Bearish (positive for yellow metal)
S&P500- Weak (positive for gold)
US Bond yield- Slightly bullish (bearish for gold)
The yellow metal's near term resistance is around $1820, the violation above confirms bullish continuation. A jump till $1845/$1860 (161.8% fib) likely
The immediate support is around $1785 (23.6% fib), any indicative break beneath targets $1763/$1747.
It is good to sell on rallies around $1804-05 with SL around $1820 for the TP at $1761.