Ichimoku Analysis (4-hour Chart)
Tenken-Sen- $1808
Kijun-Sen- $1803
Gold is consolidating in a narrow range between $1790 and $1816 for the past one week. The optimism in the Corona vaccine is preventing the yellow metal from further gains. The Moderna Inc biotech firm's vaccine tested in 45 patients gives positive results. It has produced virus-killing antibodies much more than average levels seen in people recovered from Coronavirus. Globally total number cases reached 13.714 million, with deaths around 587231.
US Dollar Index – Slightly bullish (negative for yellow metal)
S&P500- bearish (positive for gold)
US Bond yield- sideways (neutral for gold)
Technical:
The yellow metal's near term resistance is around $1820, the violation above confirms bullish continuation. A jump till $1845/$1860 (161.8% fib) likely
The immediate support is around $1803 (Kijun-Sen), any indicative break beneath targets $1790/$1783/$1763 (200-4H EMA).
It is good to sell on rallies around $1807-08 with SL around $1820 for the TP at $1761.
