FxWirePro: Gold Daily Outlook

Ichimoku analysis (4-Hour chart)

Tenken-Sen- $1878

Kijun-Sen- $1881

Gold is trading slightly weak and struggling to close above $1900. The final results from Pfizer trial show that vaccine is 95% effective.  But partial lockdown in US, especially New York due to surging coronavirus The dollar index  shown a minor recovery , any major weakness only below 92 level. The US 10-year yield lost nearly 15% after hitting a multi-month high. 

Economic data:

The US housing starts came well above expectations at 1.53 million units last month. The building permits flat at 1.55 M vs forecast of 1.57 million units. Markets eye US Philly fed manufacturing index , unemployment benefits for further direction.

Technical:

In the 4-hour chart, Gold upside capped by 200 MA, any violation above $1900 targets $1920/$1935.   On the lower side, near term support is around $1860 and any indicative break below that level will take till $1848/$1830.

It is good to sell on rallies around $1898-1900 with SL around $1921 for the TP of $1849.