Ichimoku Analysis (4-hour Chart)
Tenken-Sen- $1813
Kijun-Sen- $1807.88
Gold is trading higher and holding well above $1800 on Central bank stimulus package for economy recovery due to COVID-19. The number of death due to coronavirus crossed 140000 in U.S and new cases crossed over 600000 for 7th consecutive days. Globally total number cases reached 14.85 million, with deaths around 613340.
US Dollar Index – bearish (positive for yellow metal)
S&P500- bullish (positive for gold)
US Bond yield- sideways (neutral for gold)
Technical:
The yellow metal's near term resistance is around $1820, the violation above confirms bullish continuation. A jump till $1830/$1845/$1860 (161.8% fib) likely
The immediate support is around $1807 (Kijun-Sen), any indicative break beneath targets $1800/ $1790/$1783/$1763 (200-4H EMA).
It is good to buy on dips around $1807-08 with SL around $1800 for the TP at $1830.
