Ichimoku Analysis (Hour chart)
Tenken-Sen- $1644
Kijun-Sen- $1641.90
Gold has recovered more than $25 from yesterday's low of $1625. The jump was mainly due to weakness in the global stock market on coronavirus. US markets especially S&P500 lost more than 100 points after minor recovery. China's National Health Commission said that the number of new cases increased by 334 and death by 29. South Korea is one of the most affected next to China and the total number of people died rose to 334.
Technically, it is facing strong support at $1622-25 (200- H MA AND 200-H EMA) and any violation below targets $1600/$1577.
The immediate resistance is around $1660, an indicative break above will take the yellow metal till $1685/$1700.
It is good to buy on dips around $1630 with SL around $1620 for the TP of $1685/$1
