FxWirePro: Gold trades higher on weak US dollar, jump till $2075 likely

Ichimoku Analysis (Daily Chart)

Tenken-Sen- $1969

Kijun-Sen- $1933

Gold recovered sharply from a low of $1929 on a weak US dollar. The trade tension between the US and China and Buffet buying a big stake in Barrick Gold is supporting the yellow metal. Markets eye US Fed meeting minutes for further direction. The US 10-year yield declined below 0.70% after hitting 8- week high.  The real yield is at -0.97% from -0.94%.  

US Dollar Index – Bearish (positive for yellow metal)

S&P500- Positive (negative for gold)

US Bond yield- slightly negative (positive for gold)

Technical:

The yellow metal surged more than $100 from the minor bottom and hits a high of $1995. It is currently trading around $1992.

The immediate support is around $1963, any indicative break below targets $1950/$1943/$1929. The near term resistance is at $2000, the violation above will take the commodity to next level $2015/$2075.

It is good to buy on dips around $1978-79 with SL $1960 for the TP of $2074.