Ichimoku analysis (Daily chart)
Tenken-Sen- $1908
Kijun-Sen- $1908
Gold has lost more than $70 after Pfizer announced that the Phase 3 trial shows that the vaccine was 90% effective in preventing coronavirus. The dollar index has surged more than 85 pips from a low of 92.13. Any violation below 92 confirms the bearish continuation. The US 10-year yield is trading higher and hits the highest level since June on vaccine news.
Technical:
In the daily chart, Gold is facing strong support at $1848 (Sep 24th low). Any break below will take the pair till $1832/$1800/$1781. On the higher side, near term resistance is around $1900 and any indicative break above that level will take till $1920/$1931/$1950.
It is good to sell on rallies around $1908-10 with SL around $1930 for the TP of $1848/$1832.
