FxWirePro: Gold Daily Outlook

Ichimoku analysis (4-Hour chart)

Tenken-Sen- $1900

Kijun-Sen- $1911

Gold has shown a minor recovery from a low of $1891. The increase in the number of new coronavirus cases in the US and Europe has increased demand for Safe-haven assets.  The number of people hospitalized in the US is at a 2-month high. The US dollar index has once again declined after showing a minor jump above 93. Any violation above 93.13 (55-4H EMA) confirms bullish continuation. The US 10-year yield declined nearly 6% after hitting a 4-month high at 0.872%. 

Economic data:

. The US new home sales fell by 3.5% to 959000 million units compared to a revised 994000 in August.

Technical:

In the 4-hour chart, Gold is facing strong resistance near 200-MA at $1910. Any break above will take the pair till $1921/$1933. On the lower side, near term intraday support is around $1880 and any indicative break below that level will take the pair till $1860/$1848.

It is good to buy on dips around $1880 with SL around $1868 for the TP of $1920/$1933.