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FxWirePro- Gold Daily Outlook

Ichimoku analysis (4-hour chart)

 

Tenken-Sen- $1810.94

 

Kijun-Sen- $1814.52

Gold regained sharply after a minor sell-off below the $1800 level.  The surge in the number of new coronavirus cases has increased demand for safe-haven assets like the gold, yen. The yellow meat hits an intraday high of $1819.25 and is currently trading around $1817.25.

Factors to watch for gold price action-

Global stock market- Extremely bearish (positive for gold)

 

US dollar index – Bullish slightly (negative for gold)

 

 

US10-year bond yield- weak (bullish for gold)

 

Technical:

It is facing strong support at $1780, violation below targets $1760/$1740/$1720/$1700. Significant trend continuation only below $1675. On the higher side, near-term resistance is around $1836, any convincing break above will take the yellow metal $1860/$1900 is possible.

 

 It is good to buy on dips around $1805-06 with SL around $1790 for the TP of $1850.

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