Ichimoku Analysis (Daily Chart)
Tenken-Sen- $1711
Kijun-Sen- $1717
Gold trades flat between $1679 and $1745 for the past ten days. Markets are directionless as a tough fight between bulls and bear is happening. The hopes of V-Shaped recovery optimism has reduced due to fresh second round of Coronavirus
The number of people who have filed for unemployment benefits rose to 1.5 million for the week ended on Saturday exceeded estimate 1.3 million.
US Dollar Index – bullish (Negative for Gold)
S&P500- Slightly- positive (negative for gold)
US Bond yield- Weak (mildly positive for gold)
Technical:
The yellow metal is struggling to break above $1745, any violation will take the yellow metal till $1765. Significant trend continuation can be seen if it surges past $1765, a jump till $1800 likely
The immediate support is around $1716, any indicative break beneath targets $1708/$1700/$1679.
It is good to buy on dips around $1696-98 with SL around $1680 for the TP at $1745.
