Ichimoku Analysis (Daily Chart)
Tenken-Sen- $1733
Kijun-Sen- $1717
Gold jumped sharply and hits a high of $1763 as risk appetite increased. The jump in the number of new corona cases, especially in the U.S has increased in demand for Safe-haven assets like the gold, yen. The number of people infected in U.S crossed 2.35 million. The people died due to coronavirus have decreased to 11th consecutive days to less than 1000 since its peak in Apr.
US Dollar Index – weak (positive for Gold)
S&P500- Slightly- slightly bullish (negative for gold)
US Bond yield- Weak (mildly positive for gold)
Technical:
The yellow metal is facing strong resistance at $1765 and any violation above confirms bullish continuation. A jump till $1800 likely
The immediate support is around $1740, any indicative break beneath targets $1729/$1716/$1700.
It is good to buy on dips around $1745-46 with SL around $1730 for the TP at $1800.
