FxWirePro: Gold Daily Outlook

Ichimoku analysis (Hourly chart)

Tenken-Sen- $1904.50

Kijun-Sen- $1907.50

Gold has shown more than $30 fall from a high of $1933 on a strong US dollar. DXY has gained more than 50 pips after upbeat jobless claims data. The number of people filed for unemployment benefits declined by 55000 to 787000 in the week ended Oct 17 compared to a forecast of 86000. The conference board leading economic activity came at 0.7% slightly less compared to the revised 1.4% in August. The rise in the US 10-year bond yield hits 4.5 months high and holding above the 0.80% level on stimulus hopes.

Technical:

In the hourly chart, Gold is trading slightly below 100 and 200 MA. Any indicative break above will take the pair till $1900/$1880. On the higher side, near term intraday resistance is around $1933 and any violation above that level will take the pair till $1933/$1950.

It is good to buy on dips around $1900 with SL around $1880 for the TP of $1933/$1950.