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Ichimoku Analysis (Daily Chart)
Tenken-Sen- $1741.96
Kijun-Sen- $1724.94
Gold is trading slightly lower after hitting 8- year high at $1779. The minor sell-off was due to strength in the US dollar. The fear of the second wave of coronavirus and positive economic data is supporting the US dollar.
The yellow metal hits a low of $1755 and is currently trading around $1759.95.
US Durable goods orders came at 15.8% much better than the forecast of 10.3%, highest level since Jul 2014. The number of people filed for unemployment benefits rose to 1.48 million last week worst than expectations of 1.35 M.
US Dollar Index – Strong (negative for Gold)
S&P500- Slightly bullish (positive for gold)
US Bond yield- weak (bullish for gold)
Technical:
The yellow metal is facing strong resistance at $1780 and any violation above confirms bullish continuation. A jump till $1800 likely
The immediate support is around $1748 (7-day MA), any indicative break beneath targets $1742/$1729 (21- day MA)/$1700.
It is good to buy on dips around $1750 with SL around $1740 for the TP at $1800.
