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Ichimoku Analysis (Weekly chart)
Tenken-Sen- $1604
Kijun-Sen- $1574
Gold was one of its worst-performing assets and lost more than 10% on the strong US dollar. The yellow metal showed minor recovery after Fed cuts rates top zero to support the economy. The central bank also said that it would purchase another $700 billion worth of Treasury bonds and mortgage-backed securities. The spread of coronavirus and easing by the major central bank is supporting gold at lower levels.
Technically, near term support is around $1500 and any violation below targets $1470/$1430.
On the higher side, immediate resistance is around $1575 and indicative break above will take the gold to the next level till $1600/$1626.
It is good to buy on dips around $1515-20 with SL around $1500 for the TP of $1625.
