Ichimoku Analysis (Daily Chart)
Tenken-Sen- $1707
Kijun-Sen- $1717
Gold has once again declined after a minor jump till $1704. The strong global stock market due to the opening up of economies has decreased demand for safe-haven assets. U.S stock market jumped sharply especially NASDAQ hits all-time high and recovered nearly 44% from Mar 23rd bottom.
US Dollar Index – Bullish (negative for Gold)
S&P500- Bullish (negative for gold)
US Bond yield- slightly weak (positive for gold)
Technicals:
The yellow metal is facing strong support at $1670, any violation below $1670 will drag the yellow metal down till $1660/$1642 (100-day MA) likely.
The immediate resistance is around $1706, any indicative break beyond targets $1721/$1726/1745. Significant trend continuation can be seen only if it surges past $1765, a jump till $1800 likely.
It is good to sell on rallies around $1698-700 SL around $1715 for the TP at $1660/$1645.
