Ichimoku Analysis (Hourly Chart)
Tenken-Sen- $1998
Kijun-Sen- $1995
Gold declined more than $30 on profit booking after hitting a high of $2015. The intraday trend is bullish as long as support $1974 holds. The trade tension between the US and China and fading hopes of the stimulus package is supporting the yellow metal. Markets eye US Fed meeting minutes for further direction. The US 10-year yield declined nearly 10% from the recent top 0.727%. The real yield is at -1.01% from -0.94%.
US Dollar Index – Bearish (positive for yellow metal)
S&P500- Positive (negative for gold)
US Bond yield- slightly negative (positive for gold)
Technical:
The yellow metal hits an intraday low of $1989 and is currently trading around $1992.
The immediate support is around $1970, any indicative break below targets $1950/$1943/$1929. The near term resistance is at $2015, the violation above will take to the next level $2050/$2075.
It is good to buy on dips around $1978-79 with SL $1960 for the TP of $2074.
