FxWirePro: Gold Daily Outlook

Ichimoku analysis (Hourly chart)

Tenken-Sen- $1863

Kijun-Sen- $1871

Gold has taken support near 200 – H MA and shown a minor jump. The minor sell-off in precious metal came after Trump threatens not to sign the COVID-19 aid bill. The rise in new stain coronavirus in the UK is supporting the yellow metal at lower levels. UK government has announced Tier-4 restrictions for London to control the further spread of the virus. DXY upside capped by 21- day MA, any violation above 91.50 confirms further bullishness. The US 10-year yield lost more than 3.5% from an intermediate top 0.946%. 

Economic data

US Final GDP QoQ rebounded at a 33.4% annualized rate compared to an estimate of 33%. The conference board consumer confidence came at 88.6 vs forecast of 97.1.

Technical:

 It is facing strong resistance at $1906, minor bullishness only above that level. Surge beyond targets $1925/$1938/$1950.On the lower side, near term support is around $1855, any indicative break below that level will take till $1822/$1800.

It is good to buy on dips around $1870-72 with SL around $1855 for the TP of $1925/$1950.