Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1704.51
Kijun-Sen- $1704.51
Gold is trading in narrow range for past 3 days between $1723 and $1691. The trade war, spread of COVID 19 is supporting the yellow metal at lower levels.
US Dollar index – bearish (positive for Gold)
S&P500-Slightly -weak (positive for gold)
US Bond yield- bearish (positive for gold)
The yellow metal is hovering near $1700 with no follow through buying. On the flip side, the near term significant support is around $1690 (trend line support) and any violation below will drag the gold down till $1660/$1640.
The immediate resistance is around $1712, any indicative break beyond targets $1723/$1739. Significant trend continuation can be seen only if it breaks $1747.
It is good to buy on dips around $1700 SL around $1690 for the TP of $1747.
