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Ichimoku Analysis (Daily Chart)
Tenken-Sen- $1708
Kijun-Sen- $1718
Gold surged sharply till $1745 after weak US jobless claims data. The number of people filed for unemployment benefits rose to 1.54 million compared to a forecast of 1.60 million and a total 12-week at 44 million. But strength in the US dollar is putting pressure on the yellow metal. The jump in the number of new coronaviruses in the U.S increased the chance of the second wave of the virus.
US Dollar Index – Bullish (Positive for Gold)
S&P500- bearish (positive for gold)
US Bond yield- slightly bullish (mildly bearish for gold)
Technical:
The yellow metal is facing strong resistance at $1745, any violation above will take the yellow metal till $1765. Significant trend continuation can be seen only if it surges past $1765, a jump till $1800 likely
The immediate support is around $1721, any indicative break beneath targets $1713/$1708/$1700.
It is good to buy on dips around $1720-21 SL around $1700 for the TP at $1765.
