Ichimoku analysis (Monthly chart)
Tenken-Sen- $1763
Kijun-Sen- $1628
Gold was one the best performer in 2020 and surged more than 35% on the weak dollar and Coronavirus pandemic.
Coronavirus-
The virus has originated in China and started spreading across all countries. The total number of cases surged to 83 M and the US is in number one spot with more than 20 M. The people died due to COVID-19 are 1.85 M. The new muted Coronavirus which has discovered in the U.K and reported in France, Germany, Italy, Canada, Sweden, and Denmark.
Central bank:
All major central banks give more stimulus to improve the economy due to Coronavirus. It might support yellow metal to jump further.
Technical:
It is facing strong resistance at $2075, significant bullishness only above that level. An indicative break beyond targets $ 2156/$2263. The minor resistances are $1900/$1965/$2000.On the lower side, the near term significant support is around $1750, any indicative break below that level will take till $1700/$1670/$1600.
It is good to buy on dips around $1800 with SL around $1760 for the TP of $2000/$2075.
