Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4-hour Chart)

 

Tenken-Sen- $1821.89

 

Kijun-Sen- $1822.90

 

Gold lost its shine after Fed chairman comments. He said that the Central bank to be more aggressive if inflation pressure continues. US retail sales rose by 0.9% in Apr compared to 1%. Core sales jumped 0.6% vs. the Estimate of 0.4%. It hits a high of $1807.75 and is currently trading around $1809.34.

 

Factors to watch for gold price action-

 

Global stock market- bearish (positive for gold)

 

US dollar index –Bullish (negative for gold)

 

US10-year bond yield- Bullish (negative for gold)

 

Technical:

The near–term support is around $1785, a breach below targets $1750. Significant reversal only below $1750. A dip to $1700/$1689 is possible. The yellow metal faces strong resistance of $1836 (23.6% fib), any breach above will take to the next level $1850/$1862/$1880.

 

It is good to sell on rallies around $1828-30 with SL around $1860 for TP of $1750/$1700.

 

 

 

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.