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FxWirePro: Gold Daily Outlook

Ichimoku analysis (Hourly Chart)

 

Tenken-Sen- $1838.76

 

Kijun-Sen- $ 1816.76

Gold has taken support near 200- H EMA and shown a minor jump till $1845 on weak US dollar. The short term trend is still neutral as long as resistance $1850 holds. The US 10-year recovered more than 22% from a minor bottom 0.99% is also putting pressure on the yellow metal.  US dollar index continues to trade lower for fourth consecutive days; violation below 91 confirms further weakness.

Economic data:

US CPI 1:30 PM GMT

Fed Chairman Speech 7:00 PM GMT

Technical:

 The yellow metal is facing strong resistance at $1850. Any violation above that level confirms minor bullishness, a jump till $1862/$1875 likely.

On the lower side, near term support is around $1830, any indicative break below that level will take till $1820/$1800/$1780.

 

It is good to buy on dips around $1832-33 with SL around $1818 for the TP of $1900.

 

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