Ichimoku Analysis (Daily Chart)
Tenken-Sen- $1700
Kijun-Sen- $1650
Gold is trading in a narrow range between $1692 and $1739.50 for past 2-weeks. The yellow metal upside is capped due to the huge surge in global stock markets. US markets especially, S&P500 is trading higher for the past 4 days and hits 1-1/2 month high on remedesivir drug hopes.
On the flip side, the near term significant support is around $1660 and any violation below will drag the gold down till $1631/$1600.
The immediate resistance is around $1740, any indicative break beyond targets $1760/$1799.
It is good to sell on rallies around $1718-20 with SL around $1740 for the TP of $1660.
