Ichimoku Analysis (Daily Chart)
Kijun-Sen- $1911
Tenken-Sen-$1920
The gold took a u-turn from a low of $1848 on slight weakness in the US dollar. The increase in the number of coronavirus across Europe and the UK is supporting the yellow metal at a lower price. The total number of confirmed coronavirus cases was 335 lakhs and 10.06 lakhs deaths worldwide. Markets eye US Non-Farm payroll data to be released for further direction. The yellow metal surged till $1887 and is currently trading around $1881.80.
The yellow metal is facing strong support at $1847 (100 day MA). Any violation below will drag the commodity down to $1800/$1760 likely. The near term resistance is around $1900, indicative break beyond will take the commodity till $1921/$1936/$1942/$1956.
It is good to sell on rallies around $1880-81 with SL around $1900 for the TP of $1800/$1760.
